Axie Infinity had a bullish outlook in the short-term as it sought to flip $49 to support, while Aave zoomed past local highs. Bitcoin’s near-term bullishness and efforts to break past the $40.8k region have pushed up altcoin values such as Dash as well. Zcash was also on a good run recently as its longer-term market structure shifted to a bullish bias.
Axie Infinity (AXIE)
Source: AXS/USDT on TradingView
A set of Fibonacci retracement levels (yellow) were plotted based on AXS’s swing lows and highs at $41.9 and $61.32. Based on this move, the 61.8% retracement level was at $49.32. This level has acted as resistance in the past week.
The past 24 hours saw the price push above this near-term supply zone and, at press time, was attempting to flip it to demand. The RSI stayed above neutral 50, while the DMI also showed a strong uptrend in progress with both the ADX and the +DI (yellow and green) climbing above the 20 mark.
Zcash (ZEC)
Source: ZEC/USDT on TradingView
ZEC has been bullish on the longer timeframes as it broke out past the $145 region of resistance, dipped to $136 in search of liquidity, and rose past $150 once more. On lower timeframes, the momentum was strongly bullish while the OBV saw a slight decline. The $155.7 level has acted as support and resistance in the past, and ZEC appeared to slip beneath this level.
To the south, a revisit of the $145 region would likely be a buying opportunity. To the upside, $172 can be expected to act as resistance.
Aave (AAVE)
Source: AAVE/USDT on TradingView
In late February, AAVE rallied from $112.9 to $150.9 and retraced almost the entirety of this move. Fibonacci retracement levels were drawn based on this move, and it showed the $120.6 and $127.1 levels were levels of significance. The past week has seen AAVE toil under the $120 resistance. The past couple of days has seen AAVE climb past this level, retest it as demand and surge higher.
The RSI dropped from overbought territory in recent weeks but still showed strong bullish momentum. The CMF was far above +0.05 and showed strong capital flow into the market. A retest of $130 can be a buying opportunity.
Dash (DASH)
Source: DASH/USDT on TradingView
The $96 region (cyan box) had acted as a bullish order block earlier this week, while the $102 area (red) acted as a zone of supply. Therefore, buying near the $95-$96 area and selling at $102 local highs appeared feasible.
At the time of writing, DASH was once more trading above $96 and had flipped to demand once more. The higher lows, alongside the lower highs of the past week and a half, indicated volatility was inbound. The OBV was moving sideways and compressing as well, while the RSI stood at 49.9 to show neutral momentum.
