Why Are Axie Infinity (AXS) And Sandbox (SAND) Price Up Today?

The post Why Are Axie Infinity (AXS) And Sandbox (SAND) Price Up Today? appeared first on Coinpedia Fintech News

The crypto market has recorded a jump of ~2% in the past day, resulting in the Bitcoin price retesting its $69,000. Following this, the Metaverse and the gaming industry have regained momentum with many projects retesting their important resistance levels.

On the other hand, Axie Infinity and Sandbox have recorded a double-digit surge over the past 24 hours, suggesting an increase in the bullish sentiment. With the current market trend, will these altcoins hold on to their gains or lose momentum in the coming time?

Axie Infinity Price On The Verge Of A Breakout!

Amid increased volatility, AXS price has added ~13% to its valuation in the past 24 hours with a trading volume of $111.31 million. Moreover, it is on the verge of breaking out of its triangle pattern, indicating increased bullish sentiment in the market.

The Relative Strength Index (RSI) has displayed a sharp rise toward the overbought range in the 1D time frame. This suggests an increase in the buying-over-selling pressure for the altcoin in the crypto space.

Suppose, the bulls continue gaining momentum, in that case, the AXS price will retest its July high of $6.70 during the upcoming time. On the flip side, if the bears regain momentum, this altcoin will retest its support trendline of the triangle pattern.

Also, read Axie Infinity (AXS) Price Prediction 2024 – 2030

SAND Price Retests Its Important Resistance Level!

After recording a consolidated price action for a brief period, the SAND price has jumped 11.93% in the past day. Moreover, it has added 12.66% over the past week and is on the verge of testing its important resistance level.

The Moving Average Convergence Divergence (MACD) displays a constant rise in the green histogram with its averages showing a constant uptrend. Further, with the EMA 50-day supporting the SAND price trend, this altcoin may continue gaining value in the coming time.

Maintaining the price above its resistance level could set the stage for the Sandbox price to head toward its upper resistance level of $0.4050 this month. However, if a trend reversal occurs, the SAND crypto could retest its crucial support level of $0.20.

Also, read The Sandbox (SAND) Price Prediction 2024 – 2030