Axie Infinity's AXS token has made a big leap in the ever-changing field of cryptocurrencies, skyrocketing by more than thirty percent to reach almost ten and a half dollars. With a market capitalization of $1.4 billion, AXS has surpassed BEAM to become the most valuable cryptocurrency in the gaming industry. This remarkable spike has propelled AXS to the top of the gaming cryptocurrency rankings.
Over the course of the last twenty-four hours, the price of Axie Infinity has skyrocketed by more than thirty-five percent, reaching a current level of $10.85. CoinMarketCap places it at position #56 and reports that it has a live market cap of about $1.43 billion with a supply of 132.04 million AXS coins that are now in circulation.
Axie Infinity is currently at the focus of investor and gamer interest as the most recent meme currency prepares for its debut. This has sparked a debate over whether or not it is too late to invest in this booming digital asset.
The Outstanding Performance of Axie Infinity Despite the Stability of the Market
It was on Christmas Day when Axie Infinity emerged as a star performer, demonstrating the versatility and tenacity of the cryptocurrency market. An further source of enthusiasm and optimism for the world of digital assets as it moves forward into the new year is the extraordinary success that has occurred despite volatility in the market.
Investor confidence has likely been strengthened as a result of the good trend that Axie Infinity had on Christmas Day. Additionally, the general hopeful feeling that exists in the cryptocurrency market may have the ability to contribute to additional price gains for the AXS coin.
Calculation of the Price of Axie Infinity
AXS has developed a series of important resistance levels, the first of which is an immediate resistance level at $10.41, followed by higher thresholds at $11.37 and $12.01. On the other hand, the cryptocurrency finds immediate support at $9.09, while other support levels can be found at $8.54 and $8.06, which serve as essential buffers against the possibility of bearish developments.
There is a fascinating picture that emerges from the technical study. There is a significant increase in the level of the Relative Strength Index (RSI), which is an important indication of market mood, which is now at 81.
This means that AXS is in an overbought state, which indicates a strong purchasing trend but also signals caution for future reversals in the market.
Moreover, the price of AXS is not only securely located above the 50-Day Exponential Moving Average (EMA) of $6.86, but it is also strengthening a positive trend in the short term.
The patterns that appear on the charts for Axie Infinity are quite illuminating. According to the daily timescale, the existence of two bullish engulfing candles indicates that there is a significant amount of purchasing activity.
The presence of this pattern, in conjunction with the possibility of aiming for a Fibonacci extension level of 261.8%, highlights the possibility of more upward momentum.
Furthermore, the general trend for Axie Infinity is bullish above the important pivot point of $9.70. This is a summary of the situation. As time goes on, market observers and investors alike believe that AXS will test and maybe overcome its immediate resistance levels. This is something that they anticipate will happen.
