Market Overview for Axie Infinity/Tether (AXSUSDT): January 8, 2026

Summary
• Price action formed key resistance at 0.957 and support at 0.922–0.926 on the 5-minute chart.
• Momentum reversed mid-day with RSI dipping below 30, signaling oversold conditions.
• Volume and turnover surged near 02:45–03:00 ET, confirming a price rebound.
• Bollinger Bands showed moderate volatility with price hovering near the upper band during peak activity.
• A bullish engulfing pattern emerged at 05:45 ET following a bearish consolidation phase.

Market Overview

Axie Infinity/Tether (AXSUSDT) opened at 0.945 on January 7 at 12:00 ET, reached a high of 0.962, a low of 0.912, and closed at 0.947 as of January 8 at 12:00 ET. Total volume was 1,951,805.65, and turnover amounted to 1,848,933.73 USDT over the 24-hour window.

Structure & Formations

The 5-minute chart revealed a bearish consolidation between 0.923 and 0.945, followed by a bullish reversal at 05:45 ET with a bullish engulfing pattern. Key support levels were established at 0.922–0.926 and 0.930, while resistance held firm at 0.957 and 0.960. A doji formed at 03:30 ET, suggesting indecision and potential trend reversal.

Moving Averages

On the 5-minute chart, the price traded below the 20-period and 50-period moving averages for much of the session, indicating short-term bearish bias. However, a cross above both MAs after 05:45 ET hinted at a potential short-term uptrend. Daily MA indicators showed the price above the 50-day line but below the 200-day, signaling a mixed outlook.

Momentum and Volatility

RSI dipped into oversold territory at 0.923 before rebounding, confirming a short-term bottom. MACD showed a positive crossover just after 05:45 ET, aligning with price action. Volatility, as measured by Bollinger Bands, expanded during the peak volume phase, with price touching the upper band around 02:45 ET and later stabilizing.

Volume and Turnover

Volume and turnover spiked notably between 02:45–03:00 ET, coinciding with the price rebound from 0.923 to 0.949. However, volume declined after the 06:00 ET peak, suggesting weakening momentum. A divergence between price and volume was noted during the early morning sell-off.

Fibonacci Retracements

Applying Fibonacci to the 0.923–0.962 swing, the 0.945–0.947 level aligned with the 61.8% retracement, reinforcing its role as a short-term support. On the daily chart, the 0.930–0.945 range corresponds to the 38.2% level, suggesting it could hold during a potential pullback.

The price appears to have found short-term support and may test the 0.956–0.957 resistance zone in the next 24 hours. A breakout above 0.957 could confirm a bullish trend, but increased volatility or volume divergence could signal a reversal. Investors should remain cautious of potential choppy conditions and the risk of another pullback to the 0.923–0.926 level.