Axie Infinity took the crypto market by storm with a phenomenal performance. However, market corrections follow after price rallies. Axie’s good days may be over as the cryptocurrency is trending downwards. But will AXS coin regain after the pullback? Recent price movements may indicate it is heading upwards. At the time of writing, Axie Infinity stands at a price level of $42. The cryptocurrency had declined by 8% in the weekly timeframe; however, the daily price movements show positive growth of 10%. The daily trading volume, too, had shot upwards by 115%.
The market sentiment for Axie Infinity has turned bullish. Fifteen of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position with only one indication of a sell signal. The oscillators are neutral while the moving averages suggest a strong uptrend.
Axie infinity had started off in a descending channel formation as the bullish momentum of the cryptocurrency died down. AXS coin was expected to test major support levels until it stabilizes. However, it appears as though the corrections have ended for AXS. The cryptocurrency broke out of the descending channel and has, once again, resumed its upward trajectory. The odds may be in the favor of Axie Infinity and good things can be expected from the cryptocurrency’s future. The first target price lies at $45 followed by $48 and finally $53. The pullback level of $41 has been crossed; hence, the target levels may be tested soon.
What is Axie Infinity?
Axie infinity is a game based on the blockchain. The battling and trading game is partially owned by its players. The game allows players to raise and breed creatures called Axies inside the ecosystem. The cryptocurrency led to the explosion of gaming tokens and emerged as a market leader in the space which is why the future for cryptocurrency seems bright.