Axie Infinity Price Surges 25% as Unique Active Wallet Addresses Increase
The price of Axie Infinity (AXS) has experienced a wholeย lotย of surge, growing by 25% inย theย previous 3 days and reaching an intra-day high of $5.15 on August 14. Nonetheless, 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 ecologicalย system, with Axie Infinity playing a central role.
Axie Infinity Ecologicalย system 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 theย chance toย gainย bonus such as rare runes, charms, moonshards, and promotion boxes for their Starter Axies by defeating opponents in the Arena.
This presents anย opportunity for smart participants to improve their skills or take a break before starting fresh in the next season.
Axie Infinityโs Price Rise Drives Increase in Unique Active Wallet Addresses
Regardlessย of challenging market conditions, the price surge of Axie Infinity has inspired optimism between investors. As a result, AXS token holders saw gains of up to 25% within 24 hours.
The decentralizedย financeย (DeFi) appย likewise experienced a wholeย lotย of increase in unique active wallets, with a rise of 77% to reach $24,300. This surge in active deposits further fueled positiveย trend momentum.
Investor Sentiment Suggests Bullish Future for Axie Infinity
Investorsโ 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 fall of 600,000 tokens worth approximately $2.85 million.
This indicates a strong buyer momentum and suggests a positive outlook for Axie Infinityโs price moving forward.
Axie Infinity Price Prognosis and Technical Analysis
The price of Axie Infinity is asย ofย now at $4.73 but was rejected by the 50-day Exponential Moving Average (EMA) at $5.04. If buyer momentum increases over this level, the price could climb to the 100-day EMA at $5.60.
A decisive turnย of this resistance toย facilitate could pave the way for AXS to target the $6.32 roadblock or potentially reach the 200-day EMA at $6.95, indicating a wholeย lotย of 50% increase from current levels.
The Relative Strength Index (RSI) likewise suggests growing momentum.
AXS Alternative: WSM
WSM is an alternative cryptocurrency project that has gained popularity between more than a Million retail investors. The project has positioned itself as a reliable advocate following the 2021 Memeย Coin stocks wave and hasย evolved prominent in the 2023 presales.
WSM offers a staking feature that allows community members to earn passive income. Asย ofย now, almost $330 Million has been staked, with stakers anticipating up to 61% in annual percentage yield (APY).
Hot Take: Axie Infinityโs 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 ecologicalย system and the upcoming Off-Season Leaderboard Rewards, Axie Infinity is positioning itself for further success.
Investors and players similar have theย chance to capitalize on this positiveย trend trend and potentially earn bonus while sharpening their skills. The future looks promising for Axie Infinity as it continuesย to lead the way in the cryptocurrency gaming world.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
