Axie Infinity Market Overview: Bullish Breakout with Caution Signs

• AXSUSDT rose from $2.373 to $2.550 amid a bullish breakout above prior resistance.
• A sharp volume surge of $353,287 in the last 3 hours confirmed the upward thrust.
• Overbought RSI and a bearish divergence in volume suggest caution ahead.
• Key support at $2.496 and resistance at $2.528 shaped today’s price range.
• Volatility expanded as Bollinger Bands widened post 05:15 ET with a 6.7% move.

Axie Infinity (AXSUSDT) opened at $2.373 on 2025-08-08 12:00 ET, hit a high of $2.550, and closed at $2.528 by 2025-08-09 12:00 ET. The 24-hour volume was 425,697.29 AXS, with total turnover amounting to $1,063,400. The price surged past $2.50 on strong volume, signaling potential momentum.

Structure & Formations

The 24-hour 15-min chart showed a clear bullish breakout above the prior high of $2.496, which had acted as resistance earlier in the day. The price found support at $2.496, forming a bullish continuation pattern, especially after the 05:15 ET candle. A strong bullish engulfing pattern developed at the $2.494–$2.511 level around 05:15 ET, confirming the upward thrust. No definitive bearish reversal patterns emerged yet, but a potential bearish divergence in volume may appear as price tests upper levels.

Moving Averages

Short-term averages (20/50 EMA) on the 15-min chart moved into a bullish alignment as the price surged above $2.50. The 50 EMA crossed above the 20 EMA around 05:30 ET, signaling a short-term bullish bias. On the daily chart, the price remained above the 50 SMA but approached the 200 SMA, suggesting a potential pullback could occur as the 200 SMA acts as a psychological floor.

MACD & RSI

The MACD histogram turned positive around 05:15 ET, reflecting growing momentum as the price surged above $2.50. The RSI reached overbought territory (above 70) by 08:45 ET, indicating the move may be running out of steam. A bearish divergence in the RSI and volume started forming as the price peaked near $2.55, suggesting a potential pullback or consolidation is likely in the next 24 hours.

Bollinger Bands

Bollinger Bands expanded significantly between 05:15 and 09:00 ET as the price surged from $2.494 to $2.550, reflecting a sharp increase in volatility. By 09:00 ET, the price was above the upper band, signaling an overextended move. A pullback into the middle band could provide a natural retest of strength. The bands are expected to contract again if the price consolidates, which may signal a period of reduced volatility.

Volume & Turnover

Volume spiked from approximately $28,000 at 05:15 ET to $71,000 by 06:30 ET, confirming the bullish breakout. The highest notional turnover occurred at 05:15 ET with $71,000. However, as price moved higher toward $2.55, volume began to taper off, showing a potential lack of follow-through buying. A divergence between price and volume suggests caution for the near-term.

Fibonacci Retracements

Key Fibonacci levels based on the 05:15 to 08:45 ET move include 38.2% at $2.521 and 61.8% at $2.535. The price stalled near the 61.8% level before retracing slightly. These levels may now act as support/resistance for the next 24 hours. On the daily chart, the 61.8% retracement of the broader bullish move from $2.40 to $2.55 sits at $2.52, aligning with current price levels.

The near-term outlook appears mixed. A retest of $2.52–$2.525 may offer a buying opportunity if volume confirms the move. However, a breakdown below $2.496 could see a retest of $2.462–$2.464. Investors should remain cautious of overbought conditions and potential profit-taking, especially if the price remains stuck above $2.50 without a convincing follow-through in volume.