Axie Infinity[1] had a bullish outlook in the short-term as it sought to flip $49 to support, while Aave[2] zoomed past local highs. Bitcoin’s[3] near-term bullishness and efforts to break past the $40.8k region have pushed up altcoin values such as Dash[4] as well. Zcash[5] 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.
