Market Overview for Axie Infinity/Tether (AXSUSDT)

Summary
• AXSUSDT surged over 24 hours, closing near its high amid strong buying pressure.
• Volatility expanded significantly, with Bollinger Bands widening.
• Momentum remained strong but showed early signs of exhaustion in the RSI.

Axie Infinity/Tether (AXSUSDT) opened at $1.147 on 2025-11-06 at 17:00 ET and closed at $1.431 as of 12:00 ET on 2025-11-07. The pair reached a high of $1.433 and a low of $1.137 during the 24-hour period. Total volume was 2,401,615.7 trades, and total turnover was $3,428,525.55. The price appears to be consolidating at a key resistance level after a sharp rally.

Structure & Formations

The 15-minute chart displayed a powerful bullish reversal pattern after the price broke above a key resistance at $1.300. A large bullish engulfing pattern formed around 2025-11-07 15:15 ET as the price surged past $1.320. Key support levels appear at $1.250 and $1.180, with a prior bearish doji at $1.226 suggesting caution ahead of further moves higher.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bullish, with the price comfortably above both. On the daily chart, the 50-period MA is near $1.230, and the 200-period MA at $1.180 suggests a strong medium-term uptrend. The price is currently in a strong golden cross setup with the 50-day MA rising above the 200-day MA.

MACD & RSI

The MACD histogram turned positive and is expanding, confirming bullish momentum. However, RSI has entered overbought territory at 68–70 in the last few hours, which may signal a short-term pullback is due. The RSI divergence with price action is not yet significant, but a failure to hold above $1.350 could trigger a retest of $1.280.

Bollinger Bands

Volatility has expanded dramatically in the past 24 hours, with the upper band reaching $1.45 and the lower band at $1.20. The price closed just below the upper band, suggesting a potential consolidation phase. A contraction in the bands could precede a breakout or breakdown, but for now, the bands remain wide.

Volume & Turnover

Volume spiked sharply in the afternoon (ET), especially between 16:30–17:00 ET, with large orders pushing the price above $1.370 and then to $1.431. Notional turnover confirmed the strength of the move, with the final hour alone accounting for ~$600k in turnover. No significant volume divergence has been observed so far.

Fibonacci Retracements

On the 15-minute swing from $1.226 to $1.431, the 61.8% retracement level is at $1.342, and the 38.2% level is at $1.372. The price closed near the 78.6% level, suggesting it may face resistance here or consolidate before the next leg higher. On the daily chart, the 61.8% level at $1.305 is now supportive.

Backtest Hypothesis

The backtest strategy involves using RSI and MACD to detect overbought conditions and potential momentum shifts. A sell signal would be triggered when RSI crosses above 70 and the MACD histogram begins to contract, indicating weakening bullish momentum. Given the current overbought RSI and the recent MACD peak, this could present a short-term trading opportunity. A stop-loss could be placed below the 61.8% Fibonacci level at $1.342 to manage risk. This setup aligns with the observed price and volume behavior over the past 24 hours.