The cryptocurrency market is off to a positive start this week as the prices of most cryptocurrencies are in the green region.
The cryptocurrency market is looking to recover some of the losses recorded last week. The market has added nearly 3% to its value over the last 24 hours, and the total market cap now stands close to the $900 billion mark.
Bitcoin is trading above $19k again after slipping below that crucial level over the past few days. Ether is up by more than 3% in the last 24 hours and currently trades above $1,100 per coin.
AXS, the native token of the Axie Infinity ecosystem, is also trading in the green zone. AXS has added more than 4% to its value over the last 24 hours and currently trades at $14.41 per coin.
The positive performance comes despite Axie Infinity reporting an issue with its Ronin Bridge over the weekend.
The Axie Infinity team announced r on Saturday that it has identified a deposit issue with its bridge. The issue causes some deposits from the Ethereum blockchain to become stuck. As a result, the funds are not delivered to the users’ Ronin wallets but are also not lost.
However, Axie Infinity said it is already working on the solution and will update the bridge soon
We have identified an issue with the bridge that causes some deposits from the Ethereum blockchain to become stuck. As a result, the funds are not delivered to your Ronin wallet but are not lost.
— Axie Infinity (@AxieInfinity) July 2, 2022
Key levels to watch
The AXS/USD 4-hour chart is neutral as Axie Infinity is overcoming its recent bearish performance.
The 14-day RSI of 55 shows that AXS is no longer in the oversold region. If the positive performance continues, the RSI could surge higher into the overbought zone.
The MACD line remains below the neutral zone, indicating that the bearish momentum is not fully over.
If the rally continues, AXS could surge past the first major resistance level at $16.15 before the end of the day. However, it would need the support of the broader market to move above the $18.40 resistance level in the short term.