Blog

The cryptocurrency market is off to a constructive begin this week as the costs of most cryptocurrencies are in the inexperienced area.

The cryptocurrency market is seeking to get better a few of the losses recorded last week. The market has added practically 3% to its worth over the last 24 hours, and the complete market cap now stands near the $900 billion mark.

Bitcoin is buying and selling above $19k once more after slipping beneath that essential degree over the previous few days. Ether is up by more than 3% in the last 24 hours and at present trades above $1,100 per coin.

AXS, the native token of the Axie Infinity ecosystem, is additionally buying and selling in the inexperienced zone. AXS has added more than 4% to its worth over the last 24 hours and at present trades at $14.41 per coin.

The constructive efficiency comes regardless of Axie Infinity reporting a problem with its Ronin Bridge over the weekend. 

The Axie Infinity group introduced r on Saturday that it has recognized a deposit subject with its bridge. The subject causes some deposits from the Ethereum blockchain to grow to be caught. As a end result, the funds should not delivered to the customers’ Ronin wallets however are additionally not misplaced. 

However, Axie Infinity stated it is already engaged on the resolution and can replace the bridge quickly

We have recognized a problem with the bridge that causes some deposits from the Ethereum blockchain to grow to be caught. As a end result, the funds should not delivered to your Ronin pockets however should not misplaced.

— Axie Infinity🦇🔊 (@AxieInfinity) July 2, 2022

Key ranges to observe

The AXS/USD 4-hour chart is impartial as Axie Infinity is overcoming its current bearish efficiency. 

The 14-day RSI of 55 reveals that AXS is not in the oversold area. If the constructive efficiency continues, the RSI might surge increased into the overbought zone. 

The MACD line stays beneath the impartial zone, indicating that the bearish momentum is not totally over. 

If the rally continues, AXS might surge previous the first main resistance degree at $16.15 earlier than the finish of the day. However, it could want the help of the broader market to maneuver above the $18.40 resistance degree in the quick time period.