Axie Infinity Token (AXS) Continues to Make Record Highs, as GameFi Surges

Aug 11, 2021 0 comments


The GameFi projects in the ‘Play to Earn’ industry have been a major driver of the crypto market. They have boosted Binance blockchain’s appeal among gamers and crypto users in the market, while the Axie Infinity token, AXS, has seen some incredible times, as the popularity of the game grows.

AXS/USD was surging in July, despite the cryptocurrency market being in the middle of one of the most bearish periods in history, which saw most major cryptos lose 60-80% of their value compared to their April/May highs. AXS/USD went through a decent pullback by the middle of July, as shown on the daily chart, giving back more than half the gains. But the pullback ended right at the 20 SMA (gray) on the daily chart and surged higher in the next weeks, quadrupling in value as it surged from around $14 to $56.

At the end of July, we saw another pullback lower, but the 20 daily SMA held as support on this timeframe chart once again. AXS/USD formed a few doji candlesticks above that moving average in the last few days, and today we are seeing another bounce higher, with Axie gaining around 50% of its value, surging from around $40 to $60, according to my cryptocurrency broker. The price pierced that big round level for a brief moment, although it has retreated back down. But despite having retreated somewhat, it still remains above the previous high of about two weeks ago.

So, the trend remains extremely bullish for the Axie Infinity token, as the interest in paying games grows. Axie Infinity, which is a leader in the GameFi space, keeps soaring in popularity, which is boosting activity on the Ethereum network. Meanwhile, the Binance Smart Chain (BSC) has its own answer to this, in the form of CryptoBlades. So, the GameFi industry is growing pretty fast and that will keep tokens like AXS on a bullish run. We will wait for another retrace down in Axie and probably go long at the 20 daily SMA.

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