Axie Infinity Targets $100 After Crucial Breakout
Crypto Briefing | Aug 18, 2021 12:56AM ET
Axie Infinity has reached a new all-time high after breaking out of a continuation pattern. Axie Infinity has seen its market value appreciated by 2,105% over the past eight weeks. Although the rising price action suggests that a spike in profit-taking is underway, the technicals point to more gains on the horizon. Axie Infinity looks unstoppable as it recently made a new all-time high of $82. The crypto gaming token has surged by more than 24% in the last 24 hours, gaining over 16 points in market value.
The recent upward price action seems to have derived from the break of a bullish flag on the 4-hour chart. The 85% rally that took place between Aug. 8 and Aug. 11 created the pattern’s flagpole, while the descending channel that developed right after formed the flag.
If buy orders continue to pile up, AXS could surge by another 30% towards $100. This target is determined by measuring the flagpole’s height and adding that distance to the breakout point.
As long as the 50-four-hour moving average continues to hold, the optimistic outlook will remain intact. However, failing to do so will drastically increase the odds for a significant correction.
A break of the $66 support barrier would likely lead to a downswing toward the 100-four-hour or 200-four-hour moving average. These interest areas currently hover around $53 and $42 respectively.
Axie Infinity’s rapid ascent comes amid a period of mania some are calling “NFT summer.” In addition to the NFT gaming boom, which has also been evidenced by Decentraland’s growth, animal avatars, generative art, and other non-fungible assets have exploded in popularity in recent weeks. Trading volumes on NFT marketplaces like OpenSea have soared, with prices for many assets hitting record highs.
Get The News You Want
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.