- Axie Infinity price holds above crucial support level as the Game Developers Conference kicks off in San Francisco.
- As event-related hype grows, AXS could soar 24% to tag the $10.94 resistance level in the coming days.
- A daily candlestick close below the $8.64 support level could invalidate the bullish narrative.
Axie Infinity price (AXS) has held above a crucial support level as the world’s largest event for professionals dedicated to the art and science of making games – Game Developers Conference (GDC) – kicks off in San Francisco’s Moscone Convention Center.
Game Developers Conference (GDC) is the largest game dev conf and its next week
— Andrew Kang (@Rewkang) March 18, 2023
Usually publishers/devs have big announcements during the event
Will be speculating on GameFi blue chips leading into this event$GALA$GMT$APE$MANA$AXS$SAND$MAGIC pic.twitter.com/1I1tic4CyQ
As the hype around the GDC continues, the token could breach a formidable supplier congestion zone to regain its February highs before the recent FUD-provoked sell-off contaminated the market.
Axie Infinity price pumping on GDC-related hype
Axie Infinity price is en-route north on a recovery journey that could see the gaming token regain the January 22 high of around $12.56. At the time of writing, the token auctions at $8.81, using the $8.64 support level as the jumping off point to confront the 50-day Exponential Moving Average (EMA) at $9.16.
An increase in buyer momentum above this level could see Axie Infinity price tag the confluence presented by the horizontal line and the 100-day EMA at $9.37.
Past this level, Axie Infinity price could make a run off to the next barrier at $10.94, increasing by nearly 24% from the current value. This level was last tested around February.
In highly bullish cases, Axie Infinity price could rise to tag the 200-day EMA at $12.13 or higher to the $12.56 resistance level. Such a move would denote a 45% increase from current levels.
AXS/USDT 1-day chart
On the flip side, overhead pressure due to the 50-day EMA and the barrier confluence at $9.37 could suppress Axie Infinity price, causing it to plummet below the immediate support at $8.64. A daily candlestick close below this level could invalidate the bullish thesis.
A drop below this immediate support could inspire more selling among AXS holders, causing Axie Infinity price to descend toward the $7.82 support level or revisit the March 8 to March 11 lows around $7.24.
In extreme cases, Axie Infinity price could retard further to test the $6.50 support floor before attempting another uptrend.
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