Axie Infinity Rises by 13% Despite Decline in Trading Volume

Axie Infinity (AXS) has shown a 13% price increase over the past 24 hours. This occurred amid growing buying interest in the market. However, concerns remain about the asset's further growth due to a decrease in trading volume, which fell by 5% in a day to $146 million. The decline in volume, despite the price increase, indicates weak current bullish activity.

Data from CoinMarketCap shows that there was a sell-off of approximately $8.42 million on the spot market: traders moved more AXS to exchanges than they withdrew. This created a positive flow on the spot market amounting to $1.23 million. When the net spot market flow is positive, it indicates that traders are selling more than they are accumulating. Since the previous day was negative and indicated accumulation, the current movement can be considered profit-taking.

At the same time, activity on perpetual markets showed similar selling pressure: the funding rate weighted by open interest went negative, dropping to minus 0.0565%. This indicates a strong position of short traders. With a total perpetual market volume of $48.12 million, most positions are short, which can influence the direction of AXS's price. Currently, this picture signals weakness in the price structure and a tendency to move downward.

The share of discussions about AXS increased to approximately 26%, while sentiment remained at a level of 5.46. Such a sentiment level indicates that most investors are bullish, especially considering that the indicator fluctuates in a range from minus 10 to 10. When sentiment is bullish and discussion of the asset grows, it can trigger FOMO-driven purchases and support momentum. In conclusion, despite the 13% price increase of AXS, falling volumes and increasing selling pressure on spot and perpetual markets may affect the asset's next dynamics.