A number of positive fundamental factors are driving the price of the Axie Infinity token with great force, here we show you what they are and where the price may go next.
At the time of writing AXS is trading at $ 13.88, accumulating a 7.13% gain in the last 24 hours, and 115% in the last 7 days.
The rise was accelerated in principle by the launch of AXS token staking, due to the pressure that this function exerts on the offer, since users are rewarded for blocking coins to secure the protocol.
This news was announced on September 30, and on the same day we already began to see bullish confirmation signals, which led me to make the following forecast.
The $ 100 target was quite short, and that is that after a tide of good news the price would continue to go higher.
The airdrop they carried out to reward the first Axie Infinity players is one of those factors that promoted positivism in the market for this token.
If you played Axie Infinity before October 26th 2020 check your wallet.
– Axie Infinity🦇🔊 (@AxieInfinity) September 30, 2021
Today another positive fundamental was announced, and it is the development of a decentralized exchange to buy and sell the native tokens of the game.
Finally, a leak with the new design and new cards that would come in the update, may also be increasing the positivity.
Axie Infinity token price technical analysis
In the daily chart we can identify a clear short-term uptrend, composed of increasingly higher lows and highs.
The 8 EMA and 18-day SMA moving averages are crossed to the upside, and recently functioned as dynamic supports.
The 200-day SMA is also bullish and quite far from the current price, which tells us of a strong major trend.
A new short-term momentum started yesterday, and today it seems to have worn out. It is possible that a small pullback is starting, but it does not seem like a very good idea to bet in favor of this scenario.
The price could easily pull back just a little bit, and quickly regain the dominant direction.
Axie Infinity token price technical analysis. Source: TradingView.
The momentum may be just beginning
When we review the weekly chart, we see that the outlook is quite encouraging. The trend is totally bullish, and last week’s candle setting may be telling us that momentum is just beginning.
Of course, already with $ 8,361 million of market capitalization, thinking of a 200% profit is quite risky, however it is still feasible.
At the current point, it may have already happened, but momentum and trend show no signs of exhaustion.
Although we were talking about the Axie Infinity Share (AXS) token and its price, it is also worth reviewing the behavior of the Small Love Potion (SLP) token, which is used to reward players.
Being a highly inflationary token, its price was greatly affected during the last 2 and a half months, while the entire market corrected.
However, it seems that the fall has already reached bottom. The inability to mark a low below $ 0.06 was a good sign of reversal as we indicated in a past analysis of the game and its economy.
Now the price is recovering quite strongly, and it is still feasible to expect a much broader recovery.
All our publications are informative, so in no case should they be followed as investment advice.
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