Market Overview: Axie Infinity/Tether (AXSUSDT) 24-Hour Summary

• Price surged past 2.210 after forming bullish engulfing patterns but faced resistance at 2.250.
• Volatility spiked above 2.250, with Bollinger Bands widening as momentum slowed near 2.240.
• RSI hovered near overbought territory, suggesting short-term exhaustion but no confirmation of reversal.
• Total volume surged to 3.5M, while turnover confirmed strength; no clear divergence between price and volume.
• Fibonacci levels at 2.206 (61.8%) and 2.230 (38.2%) defined key short-term support and resistance.

Axie Infinity/Tether (AXSUSDT) opened at $2.095 on 2025-10-09 at 16:00 ET and reached a high of $2.254 before closing at $2.100 at 12:00 ET on 2025-10-10. Total 24-hour volume amounted to 3,543,716.83 and total turnover was $7,447,865.36.

Structure & Formations

Price formed multiple bullish engulfing patterns during the surge from 2.190 to 2.247, with a strong rejection at 2.254. A doji formed near 2.240, indicating indecision. Key support levels include 2.190, 2.175, and 2.154. Resistance levels are at 2.206, 2.230, and 2.250. The market appears to be consolidating between 2.190 and 2.247, with 2.210 as a psychological midpoint.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA early in the upward move, confirming short-term bullish momentum. The daily 50-period MA now sits at 2.150, below the 200-period MA at 2.120, indicating a longer-term bearish bias. Price remains above the 100-period MA at 2.165, suggesting medium-term sideways consolidation.

MACD & RSI

The MACD line rose above the signal line at 0.008, confirming momentum into 2.240. However, the histogram has shrunk, suggesting waning upward thrust. RSI peaked at 68 during the 2.247 high and has since fallen to 52. This indicates overbought conditions earlier in the session but no strong sell signal yet. Momentum appears to be slowing but not yet reversing.

Bollinger Bands

Bollinger Bands expanded sharply during the 2.210–2.247 move, reflecting high volatility. Price closed near the middle band at 2.208, indicating a potential continuation within the range. A break above the upper band or below the lower band could signal a breakout or breakdown in the coming hours.

Volume & Turnover

Volume spiked dramatically near 2.250, confirming the strength of that move. Turnover also increased, aligning with price action. No notable divergences were observed between volume and price, but the large 180,000.00 volume candle at 2.240 suggests aggressive buying or short covering.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at 2.206 is now acting as support, with 2.230 (38.2%) and 2.250 (23.6%) as key resistance. These levels could define near-term price behavior. A break below 2.190 could trigger a test of 2.170 and 2.154, which correspond to deeper retracement levels.

Backtest Hypothesis

A potential backtest strategy involves entering long positions when price breaks above the 20-period MA on the 15-minute chart, with a stop-loss at the 50-period MA and a take-profit at the 61.8% Fibonacci level. This aligns with the bullish engulfing patterns and strong volume confirmation observed. Short positions may be triggered on a breakdown below the 20-period MA, with a target at the 2.170–2.154 range. Given the recent volatility, this strategy could be refined by incorporating RSI and Bollinger Band width as filters for overbought and overextended conditions, respectively.