- Axie Infinity price remains on track to hit new lifetime highs near $200.
- Symmetrical triangle breakout on the 12H chart opens doors for more upside.
- AXS price to face initial resistance at $164.85 and immediate support at $137.64.
Axie Infinity price is back in the red this Sunday, snapping its three-day uptrend from five-day lows of $117.38 reached Thursday.
AXS bulls are losing conviction after reaching the all-time highs of $164.85 on Friday, as they contemplate the next move amid a better mood across the crypto space.
Axie Infinity rose 16% over the week in a big metaverse bet by traders. This comes after Facebook rebranded itself “Meta”, announcing that it going all-in on building the metaverse.
Axie Infinity price down but not out, as fresh record highs eyed
Axie Infinity price is retreating from higher levels, currently trading around $141, down 5% in the last 12 hours.
The bullish potential, however, remains intact after AXS price confirmed an upside breakout from a symmetrical triangle on the 12-hour chart on Friday.
The technical breakout calls for a rally towards the pattern target aligned at $192.37. Therefore, any retracement in AXS price is likely to be quickly bought into.
The south turn in the 14-day Relative Strength Index (RSI) justifies the pullback in Axie Infinity price but that could be brief, as the leading indicator still sits comfortably above the midline.
Immediate resistance is seen at the $150 psychological level, above which the record highs of $164.85 could be retested.
Adding credence to the move higher, a bull cross remains in play, in response to the 21-Daily Moving Average (DMA) and 50-DMA crossover for the upside seen Friday.
AXS/USD 12-hour chart
Alternatively, the triangle resistance-turned-support at $137.64 will offer an immediate cushion to AXS buyers.
On selling resurgence, the upward-pointing 21-DMA at $131.08 will be on the bears’ radars.
Axie Infinity sellers will then lookout for the next downside target at $127. The line in the sand for AXS optimists will be the triangle support line at $123.52.
Coin Bureau Predicts Major Breakout for Axie Infinity, Analyzes Crypto’s Top Gaming Altcoin
The host of popular crypto channel Coin Bureau is looking to see if the hit online video game Axie Infinity (AXS) can score more gains after rallying to dazzling heights this year.
In a new video, the analyst known as Guy tells his 1.69 million YouTube subscribers that the play-to-earn (P2E) game which also hosts a robust non-fungible token (NFT) marketplace currently dominates the P2E space.
“Cryptocurrency has made it clear that play-to-earn is the future of gaming. Creating a sustainable play-to-earn ecosystem is not an easy thing to do, however.
The only crypto project that has managed to pull it off so far is Axie Infinity, and it has consequently amassed over two million monthly users and counting…
AXS is crypto’s top gaming coin.”
AXS has surged over 25,320% this year from $0.53 on January 1st to its current price of $134.73. Even after the gaming altcoin’s staggering rise, Guy thinks AXS has more gas left in the tank.
“Axie Infinity’s updates have taken AXS to new all-time highs… AXS is in a very strong uptrend and it looks like new all-time highs are ahead.
That said, Axie Infinity’s market cap is quite large, and this means it’s going to take a lot more money to push up its price than it did before. At the same time, AXS stakers are earning handsome AXS rewards, and it’s very likely that some of them are selling.”
Guy also mentions the impact of Axie’s vesting schedule, which refers to how a project locks and releases tokens in order to ensure its long-term viability.
“The vesting schedule for AXS is quite aggressive compared with other cryptocurrencies, and it’s likely that some of Axie Infinity’s early investors are taking profits, too.
This is to be expected, given that the ICO (initial coin offering) price for AXS was just 10 cents. That means many early investors are sitting on at least a 1,000x. In terms of numbers, it looks like around 10 million AXS have entered circulation since July.”
Guy wraps up his analysis by saying that the game’s continued popularity means the AXS token is still likely to grow in price, despite any sell-side pressure from profit takers.
“The good news is that this increase in sell pressure is being offset by the continued adoption of Axie Infinity, which is creating a lot of demand for AXS. With some luck, AXS will pull another 2x before the crypto bull market is over.”
Axie Infinity price upside potential limited as AXS struggles to tackle tough hurdles
- Axie Infinity price could see its rally hindered by various headwinds ahead.
- There are two key hurdles for AXS to overcome to target higher prices and revisit its all-time high.
- A major decline could be on the radar if Axie Infinity falls below $122
Axie Infinity price sees little hope of trending higher as a few obstacles emerged, prohibiting AXS from targeting bigger aspirations. The gaming token must hold above $122 to prevent a massive sell-off.
Axie Infinity price to confront key obstacles
Axie Infinity price has formed a parallel channel on the daily chart, as it continued to consolidate since October 4. After AXS reached its all-time high at $165 on November 6, trading activity waned as the token tests the reliability of the support at the lower boundary of the governing technical pattern.
The fact that Axie Infinity price has been able to hold onto the downside trend line of the parallel channel as support at $122 suggests that AXS is unlikely to fall further unless a catastrophic sell-off takes place. However, the token’s upside potential is severely limited unless it tackles several obstacles ahead.
Axie Infinity price sliced below the 21-day Simple Moving Average (SMA) on November 16 and the 50-day SMA on November 18, as AXS momentum weakened. The 50-day SMA at $133, and the 21-day SMA at $136 currently act as stiff resistance for the gaming token.
Another hurdle for Axie Infinity price may appear at the 78.6% Fibonacci retracement level at $140. Only if AXS is able to overcome the aforementioned challenges will see the token rise toward the middle boundary of the prevailing chart pattern at $145.
An increase in buying pressure may push Axie Infinity price higher toward the October 4 high at $155.
AXS/USDT daily chart
If the bears continue to control the market, Axie Infinity price may discover its first line of defense at the lower boundary of the chart pattern at $122. Additional support may appear at the 61.8% Fibonacci retracement level at $120.
Although the two aforementioned support levels will act as meaning footholds for Axie Infinity price, a significant increase in sell orders may see AXS slide toward the 100-day SMA at $106.
Axie Infinity’s digital land sells for $2.5 million, boosting AXS price uptrend
- Axie Infinity is the most traded NFT collection in Q3 2021, emerging as the second most popular blockchain gaming token.
- Digital land plot on Axie Infinity metaverse sold for 550 ETH, a record high in the play-to-earn gaming ecosystem.
- Sky Mavis, developers of Axie Infinity, plan to sell 90,000 plots of land to create news games within the ecosystem.
Axie Infinity is one of the most popular blockchain games among Ethereum whales. AXS token has posted 85% gains over the past 90 days. The game developers plan on nurturing the play-to-earn gaming ecosystem by powering new games on digital plots of land.
Digital plot of land sells for 550 ETH on Axie Infinity
Axie Infinity, the play-to-earn game, rewards players with tokens for winning battles and conquests. The blockchain game relies on the addition of new players in the ecosystem for the Axie economy’s growth, therefore analysts question the sustainability of the game.
Sky Mavis, the Axie Infinity developers, plans to sell 90,000 plots of digital land in the game’s ecosystem. Developers have an opportunity to buy these digital plots and build their blockchain games in the Axie Infinity ecosystem.
The popular metaverse game recently hit a milestone, selling a digital plot for 500 ETH, or the equivalent of $2.5 million. Axie Infinity has confirmed that this is the highest price for a digital plot of land in the metaverse.
Yesterday, an Axie Genesis Plot sold for 550 ETH!
This was the largest sale ever for a single plot of digital land ✨🔥
Learn about Land 👇https://t.co/6zPh0roPqG pic.twitter.com/4h5yERCwwO— Axie Infinity🦇🔊 (@AxieInfinity) November 25, 2021
Back in February 2021, Axie Infinity sold nine plots of digital land for $1.5 million.
AXS token has struggled to recover from a nearly 20% drop below its all-time high of $164.90. Eric Krown, a cryptocurrency analyst, is bullish on AXS price and expects a recovery. Krown has set a target of $180 for AXS price. In his recent YouTube video, Krown said:
Axie Infinity has more or less a bullish setup… A daily closure above $150 or so will imply a target above $180, a little bit higher than that actually.