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Axie Infinity (AXS) Moving Towards Bullish Recovery?


cryptoknowmics.com 20 May 2022 02:43, UTC
Reading time: ~2 m

Axie Infinity (AXS) is one of the fourth most popular metaverse tokens in the CoinMarketCap ranking. It has lost 53.30%, 58.55%, and 62.71% in the past 30 days, 60 days, and 90 days, respectively. On the total market capitalization, it is in the 44th position. Presently, Axie Infinity's price is $21.46, with a 24 hours increase of 1.44%. Some of the reasons why Axie Infinity (AXS) could be a part of recovery include:

  • Its recent bullish run
  • Formation of inverted head shoulders
  • Its ability to withstand negative trends
  • Its comparison with top cryptocurrencies

Axie Infinity's Recent Bullish Run

Axie Infinity (AXS) gained 11.7% of its lost price due to the crypto winter in the past seven days. Following a peak of $165.37 on November 6th, 2021, the gain indicates that the price might recover more in the upcoming weeks. Its seven-day low price is $17.57. It appears the price of AXS is in the process of bouncing back.

Formation of an Inverted Head and Shoulders

An inverted head and shoulders pattern indicates a strong bullish run is about to begin. The present sharp of the 1-day chart of Axie Infinity (AXS) shows its formation. It could mean that the current buyers could make a quick gain soon.

AXS' Present Ability to Withstand Negative News

Cryptocurrency markets can be affected by the news. However, Axie Infinity (AXS) has remained profitable despite the recent hack of its discord server that cost them some tokens. This turn of an event may cause investors to panic, resulting in the falling price of Axie Infinity. We can infer that the recent increase of over 44% in the trading volume of AXS is mainly due to buyer pressure.

Its Comparison with Top Cryptocurrencies

Over the past week, the price of Bitcoin has increased by 1.1%. The value of Ethereum and XRP have decreased by 6% and 1.5% within the same duration. This change means that investment in AXS is more profitable than that of Bitcoin, Ethereum, and XRP put together in the past seven days.

Conclusion

Axie Infinity (AXS) holders and present buyers will inevitably receive satisfactory returns for the reasons above.


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