The blockchain game Axie infinity continues to grow at great speed, completely obviating the lack of positivity in the crypto market, and making its native token (AXS) jump to new all-time highs.
At the time of this writing the AXS token is trading at $18.17, accumulating a profit of 28.20% in the last 24 hours and an incredible 157.60% in the last 7 days.
With a market capitalization of $1.106 billion, it is ranked 70th in CoinMarketCap’s ranking.
The adoption of this game to earn money does not stop, it even seems to accelerate more and more.
As Axie’s co-founder comments, this week the protocol generated more commercial fees than all other encryption applications combined, reflecting huge use of the platform.
As the main indicator of growth of this DeFi we have the daily volume, which has just passed $25 million. Another good indicator to measure adoption is the number of NTFs sold on Axie daily, a metric that has also just set a new all-time high of over 50,000.
Undoubtedly, impressive metrics that support the mega rise in the price of the AXS token.
But will this trend continue? What can we expect from short-term price behavior? Find out below.
Axie Infinity Token (AXS) goes to new all-time highs
With continuing lows and highs getting higher and higher, Axie’s token price has set to mark a new all-time high of $19.60 today.
Now the last flagged support is at $12.07, and it is the one that should be traversed to think of some important correction.
As long as that doesn’t happen, new highs could be on the way. Maybe the $ 20 is the target for the next few hours.
A correction may be about to begin
When we review the weekly chart we see that it is increasingly likely that the correction will start soon, due to a fairly widespread momentum, which has just reached -61.8% Fibonacci.
There is no reason to sit and wait for falls at this point. It is even more likely that the price will continue to rise to mark new highs.
However, buyers can start to sell out soon and give way to a completely healthy and necessary setback, which will only serve to collect demand from those who take advantage of discount prices.
The trend is undoubtedly bullish. It’s never a good idea to operate against her. The best idea would be to see a setback occur and position yourself in favor of the trend. We already saw how the dominant force pushed almost 600% to the price in the last 17 days alone.
All our publications are informative, so in no case should they be accepted as investment advice.
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