A confluence of fundamental and technical factors that determine the AXS price.
Axie Infinity was trading at a key support level as bullish momentum rose in the broader market.
Axie Infinity has the advantage of being the largest and most popular play-to-earn gaming platform on the market.
Axie Infinity’s moving averages point to more gains in the near term.
Axie Infinity AXS/USD is one of the top crypto performers. In the past 7 days, Axie Infinity is up 32% with most of the gains recorded in the last 24 hours. The current pump is a mix of broader market momentum and the fact that Axie Infinity on the 100-day MA was trading at a key support level of $51.29 before the market started pumping.
That said, Axie Infinity’s core fundamentals are quite strong, making it attractive to investors, especially now that it’s trading at huge lows compared to its November 2021 price.
For example, Axie Infinity is now the largest play-to-earn gaming platform on the market. As of February 2021, more than two-thirds of NFT game transactions came from Axie Infinity. While Play-to-Earn games have slowed down over the past two months, Axie Infinity continues to lead in this area.
This is a big deal because with the markets turning bullish again, gamers and creators looking to monetize NFT gaming will be more attracted to Axie because of its dominance in the gaming market.
Axie Infinity is trading in a bullish channel
In the past 24 hours, Axie Infinity has been on the rise and buying volumes have skyrocketed. The momentum that Axie Infinity currently has is most apparent in the moving averages. The short-term moving averages 20- and 50-day moving averages outperform the 100-day MA by a huge margin. This indicates that the price of AXS is now rising at an accelerated pace compared to its price over a longer period of time.
Axie Infinity is in a breakout after receiving massive support over the past week. Rising bullish momentum in the market coupled with Axie Infinity’s strong fundamentals are contributing to the upward momentum.