Axie Infinity Price Surges 25% as Unique Active Wallet Addresses Increase
The price of Axie Infinity (AXS) has experienced a significant surge, rising by 25% over the past three days and reaching an intra-day high of $5.15 on August 14. However, the token faced resistance from the 50-day Exponential Moving Average (EMA) at $5.04, causing a 6% pullback to $4.69.
This unexpected surge resulted in the liquidation of nearly $1000 in short positions, which is an unusual occurrence compared to recent months. The rally was mainly attributed to developments in the gaming ecosystem, with Axie Infinity playing a central role.
Axie Infinity Ecosystem Leads Origins Season 5 Off-Season
A tweet from Axie Infinity revealed that the project is leading the Origins Season 5 Off-Season and preparing for Season 6. During the off-season, players have the opportunity to win rewards such as rare runes, charms, moonshards, and promotion boxes for their Starter Axies by defeating opponents in the Arena.
This presents a chance for smart participants to improve their skills or take a break before starting fresh in the next season.
Axie Infinity’s Price Rise Drives Increase in Unique Active Wallet Addresses
Despite challenging market conditions, the price surge of Axie Infinity has inspired optimism among investors. As a result, AXS token holders saw gains of up to 25% within 24 hours.
The decentralized finance (DeFi) application also experienced a significant increase in unique active wallets, with a rise of 77% to reach $24,300. This surge in active deposits further fueled bullish momentum.
Investor Sentiment Suggests Bullish Future for Axie Infinity
Investors’ willingness to grow their portfolios is evident from the decrease in the number of tokens held in wallets on exchanges. The supply of tokens dropped from 2.7 million to 2.1 million, representing a drop of 600,000 tokens worth approximately $2.85 million.
This indicates a strong buyer momentum and suggests a positive outlook for Axie Infinity’s price moving forward.
Axie Infinity Price Prognosis and Technical Analysis
The price of Axie Infinity is currently at $4.73 but was rejected by the 50-day Exponential Moving Average (EMA) at $5.04. If buyer momentum increases above this level, the price could climb to the 100-day EMA at $5.60.
A decisive flip of this resistance to support could pave the way for AXS to target the $6.32 roadblock or potentially reach the 200-day EMA at $6.95, indicating a significant 50% increase from current levels.
The Relative Strength Index (RSI) also suggests growing momentum.
AXS Alternative: WSM
WSM is an alternative crypto project that has gained popularity among more than a million retail investors. The project has positioned itself as a reliable advocate following the 2021 meme stocks wave and has become prominent in the 2023 presales.
WSM offers a staking feature that allows community members to earn passive income. Currently, almost $330 million has been staked, with stakers anticipating up to 61% in annual percentage yield (APY).
Hot Take: Axie Infinity’s Surging Price and Growing Ecosystem
The recent surge in the price of Axie Infinity, accompanied by an increase in unique active wallet addresses, demonstrates the growing interest and momentum behind the project. With developments in the gaming ecosystem and the upcoming Off-Season Leaderboard Rewards, Axie Infinity is positioning itself for further success.
Investors and players alike have the opportunity to capitalize on this bullish trend and potentially earn rewards while sharpening their skills. The future looks promising for Axie Infinity as it continues to lead the way in the crypto gaming world.
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