• 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.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP