Axie Infinity has hit a new all-time high after jumping 40% overnight.
The NFT game coin has surged by more than 135% over the last week.
Another increase in upward pressure could see AXS rise to $200.
Share this article
Axie Infinity has entered price discovery mode. Further buying pressure could push AXS toward the next psychological resistance barrier, which sits at $200.
Axie Infinity Hits All-Time High
Buyers are reentering the cryptocurrency markets, and Axie Infinity is benefiting from the momentum. The NFT-based blockchain game coin hit a new all-time high of $154 after rising 40% in the last 24 hours.
Over the last week, roughly $193 billion has flooded into the space. The sudden spike in buying pressure has positively affected most digital assets.
For instance, the two largest cryptocurrencies by market cap—Bitcoin and Ethereum—have appreciated by more than 10% in the last seven days. Other lower cap coins, such as Solana, VeChain, and Theta, have gained over 20% in market value during the same period.
Several other coins, including Axie Infinity, have risen to new all-time highs. The asset has gained 86 points since Sep. 28, which represents a 135% price increase. AXS is now in price discovery mode, and further gains could be on the horizon.
Axie Infinity Targets $200
The Tom DeMark (TD) Sequential indicator has successfully anticipated Axie Infinity’s price action in recent weeks.
On the 12-hour chart, the technical index forecasted that AXS was bound to resume its uptrend as it presented a buy signal on Sep. 21. The TD also flashed a sell signal on Oct. 2 that led to a two candlesticks correction before further highs.
Now that AXS has sliced through the breakout line and is in a green four candlesticks, it looks primed for new all-time highs. The TD setup indicates that Axie Infinity could rise for another five 12-hour candlesticks before a sell signal emerges. Another increase in buying pressure could push the asset toward the next psychological resistance barrier at $200.
As long as Axie Infinity continues to hold above the TD’s breakout line at $133, the odds will continue to favor the bulls. However, a 12-hour candlestick close below this critical support level could lead to a correction. Under such unique circumstances, AXS could dive to $120 or $100 to look for support.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Axie Infinity Revenue Jumped Another 85% in August
Axie Infinity continues to take in more revenue than almost all of the top cryptocurrencies, including Bitcoin and the market leaders in the DeFi and NFT spaces. Axie Infinity Revenue…
Axie Infinity Generated More Revenue than Bitcoin, Ethereum in July
A groundbreaking month of July saw Axie Infinity earn more revenue than Bitcoin, Binance Smart Chain, Uniswap, and even Ethereum. Axie Infinity Is Exploding The heavily mediatized price rise of…
What is Causing Axie Infinity’s Boom in Popularity?
Axie Infinity has experienced a rapid rise in recent weeks, with the game’s native token AXS surging 469% this month. However, the boom may be the start of a larger…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…