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Axie Infinity (AXS) Rallies for 10% Following Rise of GameFi Industry

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According to the top 100 cryptocurrencies sorted by market capitalization, Axie Infinity has become the most profitable asset on the market with a price increase of 10% in the last 24 hours. The token shows strong price dynamics and is potentially aimed at a long-term reversal.

AXS technical analysis

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As the daily chart of the token shows, AXS has formed a higher low, which is the first indicator of a trend reversal. Earlier, AXS bottomed around $12.4 thanks to an all-time support level that caused a bounce to $17.

Source: trade view
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The most recent bullish move made by AXS is the successful breakout of the 50-day EMA resistance level, which can act as a springboard for the asset and launch it to the next resistance on the chart at around $35, which is almost 100%. increase from the current value of the token.

How is the GameFi industry right now?

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Unlike NFTs and DeFi, GameFi suffered the least damage during the bear market as the influx of funds into the industry remained stable in 2022, allowing numerous projects to stay afloat.

During the cryptocurrency market recovery, AXS saw a significant increase in the inflow of funds from Ethereum whales, as the project remained one of the largest and most visible representatives of the GameFi industry.

AXS has become one of the top 10 most purchased Ethereum whale tokens and has since added over 45% to its value. According to numerous technical indicators, Axie Infinity still has fuel for growth, but it all depends on the influx into the market as a whole.



Credit : u.today

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