Analytics

Axie Infinity Price Analysis – AXS Sees Impressive 500% Monthly Gains And Still Surging

Key highlights:

  • Axie Infinity surged another 11% today as the cryptocurrency breaks back above $40 and hits $43
  • AXS is now back on the way to the high-day closing price near $47
  • Against Bitcoin itself, AXS briefly dipped below ₿0.001 but has since recovered and is at ₿0.00112
Axie Infinity price$42.12
Key AXS resistance levels$45, $47, $50, $53.62, $60
Key AXS support levels$40, $38.30, $35, $33.70, $30

*Price at the time of publication

The Axie Infinity surge has continued today with another 11% price surge, pushing the gaming token up to the $43 level. The cryptocurrency has seen an incredible month of trading, up by a whopping 500% throughout the period. 

The surge for AXS started at the beginning of July when the token managed to clear $10 and run all the way up to $25. The main thrust on the surge occurred toward the middle of the month. After a brief retracement from $25 to $15, AXS exploded to reach an all-time high price of $53.62.

This surge has given rise to the term “DeFi Gaming Summer,” as other gaming tokens such as ALICE, ENJ, and MANA also see significant gains over the past month.

However, Axie is well in the lead as the Google Search Terms for the coin continues to remain relatively high:

In addition to this, the network continues to gain more users as the total number of Daily Active Users also sees a significant surge:

As a result, the Network Growth metric from Santiment shows that the network is growing at an incredible rate:

Lastly, the sentiment around AXS is still overwhelmingly positive, even if the market might be extremely overbought (which it can stay overbought for long periods of time):

Axie Infinity is now actually ranked in the 42nd position as it currently holds a $2.57 billion market cap value.

Axie Infinity price analysis

What has been going on?

The daily chart clearly shows the incredible growth AXS underwent during the month of July. At the start of the month, the cryptocurrency was trading at just above $5. From there, it started to push higher in the first swing leg upward to reach near $30. Unfortunately, it was unable to close above $25 and ended up pulling back toward the middle of the month to hit the support at around $15.

After meeting $15, AXS rebounded and went on another bullish tear higher. In this bull swing, AXS managed to reach a new ATH price at $53.62. Unfortunately, it was unable to close a daily candle above $47 and ended up dropping lower from there over the past week.

In August, AXS seems to be holding the .382 Fib Retracement support at $38.30. It recently rebounded from this support today, allowing it to push above the $40 level to hit $43.

The mania around AXS is in full effect, evidenced by the 500%+ monthly gains. Typically, traders would say this market is extremely overbought. However, with the strong fundamentals behind AXS and the ever-increasing network growth, it is likely that this mania can easily continue to produce new all-time high prices over the coming weeks.

Axie Infinity price short-term prediction: Bullish

AXS is most certainly bullish right now. To turn neutral, AXS would now need to fall beneath $20. To turn bearish, the cryptocurrency would have to drop much further beneath the support at around $12. 

Looking ahead, the first support lies at $40. This is followed by $38.30 (.382 Fib Retracement), $33.70 (.5 Fib Retracement), and $30. 

Beneath $30, added support lies at $29.10 (.618 Fib Retracement), $25, $22.53 (.786 Fib Retracement), and $20.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $45. This is followed by $47 (High-day closing price), $50, and $53.62 (ATH price).

Beyond the ATH, resistance lies at $55, $60, $64.10 (1.272 Fib Extension), $70 (1.414 Fib Extension), $73.92, and $77.62 (1.618 Fib Extension).

AXS/BTC price analysis

What has been going on?

Again, the daily chart shows the incredible run that AXS saw against BTC during July. The coin started at a low price beneath ₿0.0002 and managed to surge into an all-time high price of around ₿0.00149 during the month.

It has since dropped lower from this all-time high price, dipping beneath ₿0.001 this week. However, it has rebounded again and is trading above ₿0.001 now as it sits above ₿0.00112.

Axie Infinity price short-term prediction: Bullish

AXS is also considered bullish against BTC. The coin would need to fall beneath ₿0.0007 to turn neutral in the short term. On the other side, it would have to drop beneath ₿0.0002 to be in danger of turning bearish again.

If the sellers push lower, the first support lies at ₿0.0011 (.382 Fib Retracement). This is followed by support at ₿0.001, ₿0.0009, ₿0.000867 (.618 Fib Retracement), ₿0.0008, and ₿0.000696 (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first resistance is expected at ₿0.0012. This is followed by ₿0.00126 (All-time high day closing price), ₿0.0013, ₿0.0014, and ₿0.00149 (ATH price).

Above the ATH, resistance lies at ₿0.0016, ₿0.0017, ₿0.00177 (1.272 Fib Extension), ₿0.00191 (1.414 Fib Extension), and ₿0.002.

   

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