Axie Infinity Token (AXS) is one of few cryptocurrencies to have pumped over 10% today on the daily timeframe. Just yesterday Axie Infinity was trading around the $15 levels and today we have surged up to highs of $17.62.
Currently Axie Infinity Token (AXS) is trading in a horizontal channel, also known as a consolidation pattern. If Axie Infinity Token can gather enough momentum we might see another breakout soon to the mid $20 levels.
Is this the bottom for Axie Infinity, or is AXS still standing on its last leg? Axie Infinity is available on eToro.
Cryptoassets are a highly volatile unregulated investment product.
Axie Infinity Token (AXS) Price Prediction 2022
Axie Infinity Token is a flagship play-to-earn blockchain-based NFT battle game that soared to an impressive all time high of $166.12 during the peak of the crypto bull market. Today Axie Infinity trades at a modest $17.28 which is 89% from its all time high.
It is critical that Axie Infinity Token (AXS) now respects the support trend line of the horizontal channel in order to avoid further devaluation. If we lose the $12.66 support level we may see continuation down the $11 levels.
Alternatively, should Axie Infinity Token (AXS) generate enough positive momentum we could potentially see a break out of roughly 39% in the next few weeks. This would bring the price of AXS to a technical target of around $24.87.
Despite the bearish sentiment in the crypto market Axie Infinity Token (AXS) has printed three consecutive weekly candles. I would speculate that we may even see a fourth green weekly candle as Axie Infinity begins to trend on Twitter and benefits with a surge of trade volume.
Axs-Usdt – 30-minute Time frame.
Residing within the horizontal channel Axie Infinity Token (AXS) is also forming a bull flag. The above chart demonstrates that we are now breaking out. The ideal scenario is waiting for a retest of the resistance trendline (now support) of the bull flag.
Typically a bull flag results in a bullish breakout to the upside. If we can see continuation for Axie Infinity Token (AXS) here I would not be surprised if we reach $18 over the next few days.
Axs-Usdt – Weekly Time Frame
Before Axie Infinity Token (AXS) lost its price structure in April 2022 we were trading in a descending channel. The Terra Luna crypto crash of May 2022 has also led to deleterious effects on the price of Axie Infinity Token.
Axie Infinity Token (AXS) Video Analysis
I think a pragmatic target for Axie Infinity Token (AXS) in 2022 is to retest the lower resistance trendline of the descending channel prior to this. Though I would expect rejections at this particular level as we are still navigating through crypto winter.
A bullish yet realistic scenario for Axie Infinity Token (AXS) in 2022 would be retesting this resistance level between $22-23. With Axie Infinity being a blue-chip play to earn NFT crypto game I would be keen to see all time highs between $210 and $260 by the next crypto bull market.
I anticipate that Axie Infinity Token will repossess the lower levels of the descending channel at some point this year.
What is Axie Infinity Token (AXS)?
Axie Infinity is a vibrant, immersive, colourful and surprisingly addictive crypto trading and battling game. Axie Infinity was originally inspired by popular games like Pokemon and Tamagotchi.
Fun elements of the game include collecting, breeding and raising your ‘Axies’ to the best level they can be. These are cute looking monsters that are used in game by the players for trading and battling.
There are more than 500 different cosmetic body parts for Axies which makes them have their own metadata and uniqueness. Each different part that can be acquired can be obtained in four different categories: common, rare, ultra rare and legendary. These parts can be mixed and matched which can make some Axies extremely sought after.
Each Axie is a non-fungible token, also known as an NFT. Each axie has different attributes depending on its statistics and cosmetic items. The Axies can be used for 3vs3 battles and upon completion the player acquires experience to level their Axie up. These experience points can be used to boost the Axie’s stats or evolve different body parts.
Image Source: DappRadar
It is incredible to think that we are still seeing Axie NFTs sold for over $22,000 during the crypto bear markets. In my eyes this reflects that Axie Infinity is a network which still has great value and long-term growth potential. The above image displays the top 5 NFT transactions in terms of value over the last 7 days.
Play to Earn Tokens With Potential Like Axie Infinity
Whilst Axie Infinity has certainly achieved some fantastic milestones I do think that it is rather exhausted. This is because during the peak of the bull run Axie Infinity token has been extremely overbought and already been through the euphoria phase of the market cycle.
There is a new NFT-based crypto game known as Battle Infinity (IBAT) which is currently on presale until October 2022. As it is in presale it means there is a lot of anticipation and excitement based around the project.
This could potentially be a strong opportunity to invest early into a P2E metaverse game as opposed to investing in AXS which has already reached all-time highs. Investing in Battle Infinity would mean that you also have the privilege of pre-sale prices before the project reaches centralized exchanges (CEXs) or decentralized exchanges (DEXs).
Cryptoassets are a highly volatile unregulated investment product.
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Read More:Axie Infinity Price Prediction 2022 – Will AXS Reach $20?
