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 well 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 presently 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 presently trades at $14.41 per coin.
The constructive efficiency comes regardless of Axie Infinity reporting a difficulty with its Ronin Bridge over the weekend.
The Axie Infinity staff introduced r on Saturday that it has recognized a deposit situation with its bridge. The situation causes some deposits from the Ethereum blockchain to grow to be caught. As a end result, the funds aren’t delivered to the customers’ Ronin wallets however are additionally not misplaced.
However, Axie Infinity mentioned it is already engaged on the answer and can replace the bridge quickly
We have recognized a difficulty with the bridge that causes some deposits from the Ethereum blockchain to grow to be caught. As a end result, the funds aren’t delivered to your Ronin pockets however aren’t misplaced.
— Axie Infinity???????? (@AxieInfinity) July 2, 2022
Key ranges to look at
The AXS/USD 4-hour chart is impartial as Axie Infinity is overcoming its latest bearish efficiency.
The 14-day RSI of 55 exhibits that AXS is now not in the oversold area. If the constructive efficiency continues, the RSI may surge greater into the overbought zone.
The MACD line stays beneath the impartial zone, indicating that the bearish momentum is not absolutely over.
If the rally continues, AXS may surge previous the first main resistance degree at $16.15 earlier than the finish of the day. However, it will want the help of the broader market to maneuver above the $18.40 resistance degree in the brief time period.
