The crypto market has been on a bullish turn since last week. Bitcoin and Ethereum rose by 5-9% and several altcoins have seen a buying influx. Axie Infinity (AXS), MINA, and Ordinals (ORDI) have been especially aggressive in their potential for a higher rally.
The total market capitalization of the crypto market is now at $1.68 trillion, with a 0.10% rise since yesterday. Trading volume in the past 24 hours has also increased 8.31%, reaching $62.75 billion.
The U.S. Securities and Exchange Commission has set a deadline of December 29, 2023, for the completion of applications for a Bitcoin Spot ETF. This could fuel optimism among investors, as it suggests a possible approval of these sought-after financial instruments.
Axie Infinity (AXS)
In the daily time frame chart, the price of Axie Infinity (AXS) has formed a rounding bottom pattern. This reversal pattern, coupled with the general bullish momentum, has caused the AXS price to surge from $4 to $10.12 in nine weeks. This 150% increase in value, with increasing volume and a surge in Funding rate, indicates sustainable growth.
The funding rates of AXS have jumped to 0.0707% on Monday, showing a bullish trend among traders. The Relative Strength Index (RSI) has also hit a high of 81%, indicating many traders are in long positions. If the buying continues, the AXS price is likely to reach the $14 neckline resistance.
Mina
The Mina token price has been resilient in the face of crypto market uncertainty, bouncing back from the $7 psychological level. Over the past seven days, the coin has risen 76%, trading at $1.19. It recently broke out of the $1.24 resistance of a double-bottom pattern, signifying a potential surge to $1.15.
However, the long-week rejection in the daily chart suggests a minor pullback may occur first. The 20- and 50-day Exponential Moving Averages (EMA) have provided support during occasional corrections.
Ordinals
Despite a sideways trade in December, the ORDI coin has seen a robust recovery in late November. The formation of a bullish pennant pattern in the daily time frame chart has given buyers the opportunity to regain bullish momentum.
Today, the ORDI price has seen a 41% increase, breaking through the upper trendline of the triangle. If the price is above the bridge trendline, buyers will be well-supported and the ORDI price could reach $93.8 and then $196.5. The bullish crossover between the Moving Average Convergence Divergence (MACD) slopes also shows ORDI is returning to recovery sentiment.
