Overview

Click to expand overview
Despite a recent pullback, AXS is set for a strong recovery. Currently trading within a bullish ascending triangle, AXS is nearing a support zone that could spark a major The past 24 hours have seen a near 60% hike in Open Interest behind the token of Axie Infinity, which is a bullish but lagging signal. As most tokens from the market continued their downward trajectory on Tuesday, Axie Infinity seemed to be treading on a different path. This gaming token had Axie Infinity, a blockchain gaming token, is one of the cryptocurrency assets seeing massive gains as the crypto market gradually returns to green after weeks of Axie Infinity price action between 24 January to 7 February rallied from $44.34 to $71.93, setting up a range for the near future. On 23 February, AXS deviated below the Axie Infinity (AXS) has recently struggled to rally like other altcoins, as the price continues to stall, with little hope of a rally to a high of $20. The crypto market has seen Add to its burden, its trading volume is also experiencing a decline as it’s down -4.30% in the last 24-hours. Read More: Axie Infinity can pull off a 24% rally despite the From a technical perspective, after a prolonged consolidation phase, $AXS appears to be breaking out from its key resistance range. Analysts are cautiously optimistic The token has experienced a relief rally that coincides with a roadmap update from the Axie Infinity team. The network demand for the game's assets is still at horrific lows.

Axie Infinity Can Pull Off a 24% Rally Despite Macro Instability: Here's Why

Is Axie Infinity (AXS) poised for a comeback despite the challenging macroeconomic environment? Despite a recent pullback, AXS is set for a strong recovery. Currently trading within a bullish ascending triangle, AXS is nearing a support zone that could spark a major price surge. Many are wondering if Axie Infinity can pull off a 24% rally despite the prevailing macro uncertainty. Let's delve into the factors that could fuel this potential upward movement.

Bullish Signals Emerge for AXS

While the crypto market has seen its share of struggles, Axie Infinity seemed to be treading on a different path recently. This gaming token has shown surprising resilience, even as other tokens continued their downward trajectory. Axie Infinity, a blockchain gaming token, is one of the cryptocurrency assets seeing massive gains as the crypto market gradually returns to green after weeks of volatility.

Open Interest Surge Hints at Optimism

The past 24 hours have seen a near 60% hike in Open Interest behind the token of Axie Infinity, which is a bullish but lagging signal. This surge suggests increasing investor confidence and a potential shift in market sentiment towards AXS.

Technical Analysis Points to Potential Breakout

From a technical perspective, after a prolonged consolidation phase, $AXS appears to be breaking out from its key resistance range. Axie Infinity price action between 24 January to 7 February rallied from $44.34 to $71.93, setting up a range for the near future. On 23 February, AXS deviated below the key level. This breakout, if sustained, could trigger a significant rally.

Roadmap Update and Relief Rally

The token has experienced a relief rally that coincides with a roadmap update from the Axie Infinity team. Analysts are cautiously optimistic that these developments can provide further support for AXS's price.

Challenges Remain: Trading Volume and Network Demand

Axie Infinity (AXS) has recently struggled to rally like other altcoins, as the price continues to stall, with little hope of a rally to a high of $20. Add to its burden, its trading volume is also experiencing a decline as it’s down -4.30% in the last 24-hours. It's important to acknowledge that challenges remain. The network demand for the game's assets is still at horrific lows. Overcoming these hurdles will be crucial for a sustained rally.

Disclaimer: Cryptocurrency investments are highly volatile and carry significant risk. This is not financial advice. Always conduct your own research before investing.

Top Sources

Related Articles