Axie Infinity’s AXS token has seen a massive price surge today, with the coin up over 30% to around $10.7. This price explosion has launched AXS back to being the largest gaming cryptocurrency globally, surpassing BEAM’s market capitalization of $1 billion with its own $1.4 billion market cap.
Both AXS and BEAM are leaders in the GameFi (gaming + decentralized finance) space and are solid long-term investments for the next crypto bull market. However, AXS is back in the spotlight after this latest price move.
According to technical analysis from altFINS, AXS had been trading in an uptrend pattern and a “Channel Up” pattern specifically.
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Show more +Their price target was $9.50, which AXS blew past today. Here is an updated altFINS analysis:
- Trade Setup: Strong uptrend in place, new price target of $12. Stop loss at $9 (prior resistance level).
- Pattern: Breakout from Channel Up pattern after exceeding $9.50 resistance. Price likely to keep running upwards after a breakout like this occurs.
- Trend: Very strong uptrend in place across short, medium and long-term timeframes. Bullish momentum.
- Support and Resistance: Nearest support at $9.50 (old resistance now support), then $9. Key resistance at $12.
Upon investigation, there does not seem to be any major Axie Infinity development updates, announcements or events that served as a catalyst for this 30%+ AXS price surge. The Axie Infinity social media channels have had regular but relatively minor updates recently.
Instead, it appears cryptocurrency traders and investors are rotating back into gaming and metaverse coins like AXS ahead of what many experts are expecting to be a bigger bull market for these sectors. With AXS still far below its all-time high around $160 and $44 billion market cap, traders see strong upside potential still to come.
The entire market cap of crypto gaming is 15-20 bil.
— Alex Becker 🍊🏆🥇 (@ZssBecker) December 24, 2023
Sol…one coin… has added 5 bil to its market cap in 24 hours.
Kino-sabi—you can’t fathom how quickly gaming will get DISGUSTING.
You are actually early.
The explosive move today shows Axie Infinity and its AXS token have woken back up, and there could be more upside on the horizon.
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