By Franklin Smith
Bitcoin has seen a bumpy ride amid its persistent endeavor to overcome limitations by its four-hour 50-Exponential Moving Average, failing to advance sentiment in the broader market. Bitcoin’s recent upside attempts have met immediate rejection.
Such development had the likes of RUNE, The Graph, and Axie Infinity sustaining slugging outlooks which bulls struggle to ensure sustained upward strength. Nevertheless, the trio secured grounds after plummeting towards multi-month lows during the May 1 sessions. What does the future have for the altcoins?
RUNE
RUNE witnessed northward rebounds after reviving from the lows seen late in February. The trend-line resistance (previous support) backed the token’s uptrend but struggled amid the latest downward channel devaluation.
RUNE welcomed the profit-booking phase by losing more than 41% to explore 7-week lows on May 1. Though the 20 Exponential Moving Average rejected the latest upticks, a close beyond the current setup might clear the path for RUNE to retest the 50 Exponential Moving Average.
While publishing this content, RUNE changed hands near $6.377. The Relative Strength Index seemed ready to challenge its mid-line, following a surge from the 35-mark. Unless the asset buyers ensure increased strength for higher price action, overcoming the equilibrium will remain a puzzling task.
Axie Infinity (AXS)
Axie Infinity printed consistent troughs and lower peaks since forming its lifetime high last year. This phase witnessed a declining wedge and several descending channels in AXS’s 4hr timeframe. The latest 64.95% decline (from April) dragged the alt towards the lows of $26.495 on April 18.
While dominating the marketplace, sellers flipped the 3-month trend-line foothold to resistance. AXS should hold the footing around $28.9 to prevent extended downside price actions. While writing this content, Axie Infinity traded near $28.935.
The RSI showed selling dominance. Meanwhile, the indicator’s 26 – 30 support range might trigger a near-term recovery in the upcoming sessions. Moreover, the on-balance volume witnessed higher highs while confirming a bullish divergence.
The Graph (GRT)
GRT saw several drawdowns on the charts since dropping from the resistance at $0.5. The latest crash saw the alt falling under $0.39 while creating a double-top with the neckline at $0.33. Meanwhile, the selling spree had GRT losing 47.11% of its value, exploring the baseline at $0.29.
However, bulls reacted by triggering an upward channel revival from the 15-month lows on May 1. That had Graph creating a bearish flag & pole on the 4hr chart. The alt traded near $0.3179 at this publication, dropping 1.6% within the past day.
Meanwhile, the RSI struggled to overcome the 50-level while showing a brief selling preference. However, the Chaikin Money Flow secured a spot beyond the zero-line while exhibiting buyer favoritism.
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