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 recuperate a few of the losses recorded last week. The market has added practically 3% to its worth over the last 24 hours, and the whole market cap now stands near the $900 billion mark.
Bitcoin is buying and selling above $19k once more after slipping beneath that essential stage over the previous few days. Ether is up by more than 3% in the last 24 hours and at the moment 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 the moment 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 crew introduced r on Saturday that it has recognized a deposit problem with its bridge. The problem 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 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 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 current bearish efficiency.
The 14-day RSI of 55 reveals that AXS is now not in the oversold area. If the constructive efficiency continues, the RSI might surge larger 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 stage at $16.15 earlier than the finish of the day. However, it might want the assist of the broader market to maneuver above the $18.40 resistance stage in the brief time period.