• AXS price is on pace for a 62% gain today, making it the best day since data began in November 2020.
  • Axie Infinity overcame the resistance of the 261.8% Fibonacci extension at $26.41 and is now above the 361.8% extension at $35.47.
  • The measured move of the 77-day cup base has not been fulfilled, projecting higher prices for the digital token.

AXS price is up 100% this week and has logged a bullish engulfing week on the bar charts, confirming the liquidation of weak holders and continuing the rally that has accumulated a 550% gain this month. Based on the Fibonacci layers and the measured move of the cup base formed from April to July, Axie Infinity is primed for higher prices moving forward, despite the headline returns already on every timeframe.

AXS price redefines commitment and emotion

AXS price has exploded onto the cryptocurrency scene with eye-popping gains on every timeframe, pushing the Axie Infinity daily and weekly Relative Strength Indexes (RSI) into extreme overbought territory. 

It is a new example of FOMO and the remarkable development for a protocol that draws inspiration from CryptoKitties. As outlined in an FXStreet article on July 13, Axie Infinity is “a blockchain-based trading and breeding game that is built on the Ethereum blockchain.” Instrumental to its popularity is the free-to-play model that has catapulted it past PancakeSwap and other leading dApps in terms of cumulative revenue.

The compelling story is reflected in AXS price, particularly since the June 22 low of $2.78. The breakout from the 77-day cup base on July 6 was confirmation that better outcomes were in the future, and that has been the case, as Axie Infinity has climbed 245% from the breakout of the base.

The measured move of the cup base is nearly 337%, finalizing an AXS price target of $51.34 or a 36% gain from the current price. Fulfillment of the measured move is only obstructed by the 461.8% extension at $44.52. A conclusion of the Axie Infinity rally at the Fibonacci level would equate to an 18% gain from the current price.

However, momentum leads to more momentum, opening the potential for AXS price to advance to the topside trend line running from the November 2020 high through the April high. The current position of the Axie Infinity trend line is at $101, representing a 168% return from the current price.

AXS/USD daily chart

AXS/USD daily chart

It is important to note that the daily RSI is now flashing a bearish momentum divergence, suggesting slowing momentum for AXS price. Therefore, key Axie Infinity support levels are the July 15 high of $29.86, the 38.2% retracement level of the advance from the May 19 low at $26.12 and finally, the 50% retracement level at $21.65. 

Axie Infinity continues to decouple from the cryptocurrency complex with dazzling AXS price gains on most timeframes. The potential for additional gains is high considering the advance’s momentum and the resulting projections from the price structure. Whether Axie Infinity can reach the topside trend line is tough, but the commitment and emotion displayed over the last month suggest it is entirely possible.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP