An analysis of on-chain metrics suggests that despite prices slowing down, selling remains almost non-existent. Coins younger than 3 months have been preferred by the market for HODLing. The decline in numbers indicates that the market does not want to spend until the volatility is high.
Cardano has been unable to breach $2.96 but prices have respected an upwards sloping bottom trendline. An ascending triangle formed in the process which projected an upwards breakout. The Relative Strength Index was still easing after trading in the overbought zone just a week ago.
Axie Infinity's governance token AXS has surged from about $0.12 early last November to an all-time high of $82.40 on August 21st. Axie Infinity is a play-to-earn online game developed by gaming startup Sky Mavis.
According to reports, the US Treasury is pressing for tougher tax compliance restrictions on cryptocurrency transactions to be included in the impending $3.5 trillion budget plan. The Biden administration wants crypto firms to be required to divulge information about foreign account holders. This comes after the $1.2 trillion infrastructure plan was heavily lobbied to limit the definition of a broker.