Despite the majority of tokens trading in red on Thursday, AXS was up by over 20% in today’s session. While LUNA dropped below $0.01 earlier today, MATIC was another notable crypto to fall, dropping to its lowest point since last April.
Biggest Movers: AXS Jumps Over 20%, as MATIC Falls to 13-Month Low
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Axie Infinity (AXS)
AXS was one of the biggest gainers in crypto markets on Thursday, as prices rallied following a three-day losing streak.
Following a low of $16.42 on Thursday, AXS/USD surged to an intraday peak of $24.26 during today’s session.
As a result of today’s rebound in price, AXS moved away from historical lows close to $13, which came in July last year, around the time of the token inception.
The recent decline in strength had pushed the 14-day RSI toward a multi-month low of 19, however, Thursday’s surge has sent this above 25.
Ultimately, prices are still oversold, which is one of the only positives for bulls looking to find a support point, and eventually force an upward shift in momentum.
Should bulls choose to buy this current dip, they will likely face market uncertainty the closer it gets to $30, with some traders likely looking to liquidate positions to secure marginal gains.
Polygon (MATIC)
Although LUNA was down by almost 100% in today’s session, markets have already begun to accept the demise of the token.
However, a token which has not yet met its end, but a notable mover on Thursday nonetheless, is MATIC.
MATIC/USD slipped to an intraday low of $0.4769 in today’s session, which is its lowest point since April 2021.
Today’s move has pushed price strength off the charts, with the 14-day RSI now trading at a low of 23, which is also a long-term support level.
Despite history showing that this floor has never been broken, the current market conditions could potentially push prices further down.
Bears have already targeted the $0.4000 level in recent days, however to no avail, should the floor of 23 break, we will likely see another move towards this level.
Could MATIC find a firm level of support this week, if so at what level? Let us know your thoughts in the comments.
