During a volatile day of trading, ethereum classic rose to a one-week high earlier in the session, before falling victim to a red wave. AXS also rose today, climbing by over 12% in the day, however, a bearish wave pushed prices lower as the day progressed.
Ethereum Classic (ETC)
ETC climbed to a one-week high earlier in Thursday’s session, when bulls were still buoyed by yesterday’s Fed decision.
However, as the day progressed, these bulls turned to bears, as the magnitude of the current inflationary landscape continued to spark market uncertainty.
ETC/USD rose to an intraday peak of $32.36 earlier in the session, which was its highest point since April 25.
At that point, prices were up by nearly 9% from Wednesday’s lows, however, these gains swiftly fell, and as of writing prices are now trading at $28.28.
Looking at the chart, this decline came as the prices failed to break out of resistance at $33, with bears using this as an opportunity to re-enter the market.
The 14-day RSI is now also tracking below a ceiling of its own, at 43, as the wave of bearish pressure pushed the price into oversold territory.
Axie Infinity (AXS)
AXS started the day being easily one of the biggest gainers, climbing by over 12%, however, these gains were also lost later in the session.
To start the day, AXS/USD followed up Wednesday’s low of $29.04, by climbing to a peak of $34.75 earlier today.
This gain saw prices move away from the floor of $28.90, which was close to a ten-month low for the blockchain gaming token.
However, as the day progressed, we are now back close to this floor, with AXS currently trading at a level of $29.13.
This market volatility means that April’s red wave in crypto markets has moved into the first week of May, and could extend beyond this, as traders continue to be wary of the risk of inflation.
Some are however hopeful that a strong non-farm payroll report on Friday could help ease the bleeding, with prices rebounding from today’s losses in such an event.
Could a strong NFP number help push crypto prices higher? Let us know your thoughts in the comments.