· 4 min read

Is It Too Late to Buy Axie Infinity? AXS Price Suddenly Blasts Up 20% as Launchpad Project Secures $1.7 Million in Funding

Source / Sam Cooling x Chenspec

Axie Infinity (AXS) has blasted up +20% in a dramatic move, this comes following wider disarray in GameFi markets triggered by an unfolding legal battle between the co-founders of Gala Games.

The impressive pump comes as Axie Infinity continues to be among the strongest performing GameFi projects in the space.

Santiment / Dapp Stats

Over the past 24 hours, there has been a +77% surge in unique active wallet addresses on Axie Infinity, with the sudden influx of ecosystem growth likely triggering the AXS pump - which was further fuelled by active deposits hitting a 3-month high.

CashNetUSA / Asian NFT Market Share

With Gala fading from the image, Axie Infinity is emerging as the leading GameFi project and this is reflected in the ecosystem now holding a shocking 80% market share in the Asian NFT market.

This significant market slice is only rivalled by metaverse project Decentraland, which holds a 20% share, and with crypto adoption in Asia only expect to grow it seems this could be the significant source of growth in active wallet addresses.

AXS Price Analysis: Is it Too Late to Buy Axie Infinity After +20% Pump?

Amid the sudden upside move, Axie Infinity is currently trading at a market price of $4.76 (representing a 24-hour change of -0.42%).

This comes as Yesterday's +20% pump saw AXS surge to reclaim technical support above the descendant 20DMA - which has provided a cap stone of resistance above price action for more than 50 days since July 24.

TradingView / AXS USDT

Now in consolidation atop the 20DMA, price action is attempting to stabilize below a local level of resistance at $5.70.

A move to reclaim this historic price level would poise AXS for a run at the 200DMA which is currently sat around $6.73.

With a strong bounce off lower trendline support afoot, the RSI has heated-up dramatically, surging to hit 51.17 as it flips to overbought - this could demand a period of consolidation, however, a collision course with the descendant upper trendline could trigger a breakout sink-or-swim moment.

The MACD remains bullish, with stronger divergence to 0.06 after the impressive upside swing.

Overall, with strengthening fundamentals as capital rotates out of GALA and into other GameFi projects, alongside positive technicals such as reclaimed support from the 20DMA and a bullish MACD - upside seems likely on the short-time frame after a brief consolidation.

TradingView / AXS USDT

This gives AXS an upside target at $5.70 (+20%) in a move that would leave Axie poised to test resistance at the 200DMA.

While to the downside, risk remains of a fall back to lower trendline support in the trading channel at $4.10 (-13.6%) in the event of rejection from the 20DMA.

Axie Infinity therefore has a risk: reward ratio of 1.46 - a good entry, indicating it is not too late to buy AXS.

But while bag-holders are embracing the hopium, smart money are looking for their next trade with a next-generation trading analytics tool that leverages AI technology to find market alpha in real-time.

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Source / Launchpad XYZ

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