AxieInfinity’s last two quarters were difficult. [AXS]. GameFi was not only the victim of the biggest crypto hack, but also has swayed with bearish sentiments in the wider market.
AXS may be poised for a rally, though, as the tides are shifting.
Axie Infinity with its eight-month-long downtrend
AXS has been steadily declining since January 2022 due to various factors, both internal and external.
However, the GameFi token’s fall began in November after it hit its all-time high of $165. AXS’s price has fallen by 90.5% and traded at $15 on July 18.
AXS also lost three critical support levels during the same time. These levels are the Simple Moving Averages (SMAs) that indicate the direction of the altcoin based upon its position.
Axie Infinity price actionSource: TradingView. AMBCrypto | Source: TradingView – AMBCrypto
The resistance levels for AXS have been 50-day and 100-day SMA lines since November. This is despite the increasing bearish intensity.
This was due to the 23% increase over the week. However, this intensity dropped significantly.
In addition, recent price indicators have shown clear signs that future prices will rise. After two weeks, the Parabolic SAR is under the candlesticks again. The Relative Strength Index(RSI) has moved into the bullish zone after three month.
The indicators indicate the bullish support AXS enjoys from the markets. This will push AXS further towards the 100 day (pinkline) SMA (ref. (ref..
Investors also make a huge contribution to this growth. AXS owners have been steadily accumulating over the past month.
Investors bought 730k AXS coins worth more than $11.4 Million between 20 June & press time. It is the third longest sustained accumulation streak of this year.
Axie infinity balance on exchanges | Source: Santiment – AMBCrypto
If all the indicators are kept as they are now, AXS can end the eight-month-old bear curse.