Axie Infinity (AXS) Price Rose 25% Today, But Will This Rally Continue?

Time Stamp: December 5, 2022 2:51 PM
Source Node: 1767424

Published 3 hours ago

Amid the recent recovery in the crypto market, the Metaverse and NFT-based cryptocurrencies token experienced significant recovery. As a result, the Axie infinity token price breached the six-month-long resistance trendline, offering a long entry opportunity for traders.

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Key points:

  • The trendline breakout sets the AXS price for a 35.8% growth potential
  • A bullish divergence in RSI bolsters the potential rally 
  • The 24-hour trading volume in the Axie Infinity coin is $514 Million, indicating a 1242% gain.

Reason Why Axie Infinity price jumps

It seems the overall market of Metaverse and NFT-focused cryptocurrencies, such as Axie Infinity (AXS), Apecoin (APE), Sandbox (SAND), and Flow (FLOW) witnessed a significant inflow today. It seems the rising sales volume for the Metaverse and NFT-based tokens is the core reason the aforementioned tokens are trading in green. The  NFT industry data aggregator- cryptoslamp showcase the NFT Sales Volume in the last 24 hours has risen by 9.84% 

Another reason why Axie Infinity saw the highest gains is a blog post that the team posted today. A recent tweet from @artic accentuated the post saying, “a group of over 600 dedicated and impactful community members has been gathered together to help shape the future of @AxieInfinity”. 

This blog bolstered the ongoing recovery in AXS price and steady growth towards decentralization.

Price Analysis

TradingView Chart

TradingView ChartSource-Tradingview

Under the influence of a descending trendline, the Axie infinity price witnessed a steady downfall over the past six months. The several retests from this dynamic resistance indicated the sellers are aggressively selling on price rallies.

However, with today’s 25% price jump, the AXS price gave a massive breakout from the overhead trendline. This breakout indicates the market sentiment is turning from selling in rallies to buying on dips.

Furthermore, the price is expected to retest the breached resistance in the coming trading sessions, offering a long entry opportunity to interest traders. Thus, a post-retest rally may drive the prices to near term target of $11.8, accounting for 35.8% growth.

On a contrary note, a breakdown below the support trendline will offset the bullish thesis.

Technical indicator:

RSI: an evident bullish divergence in the daily-RSI chart shows the increasing buying momentum. Moreover, the indicator slope entering the bullish territory reflects the market sentiment favors bullish growth.

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EMAs: the rising price breached the 20-and-50-day EMAs, offering an additional confirmation for bullish growth.

Axie Infinity Price Intraday Levels-

  • Spot rate: $8.71
  • Trend: Bullish
  • Volatility: Medium
  • Resistance levels- $11.8 and $15.4
  • Support levels- $8.3 and $7.5

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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