Axie Infinity is a play-to-earn game with every item in the game being an NFT allowing players to breed unique in-game creatures and sell them.
Covered:
- Axie Infinity’s Rise in 2021
- AXS Charts (M,W,D)
- What to Anticipate Next
A Play-To-Earn NFT Game On Fire
Don’t let Axie Infinity’s Pokemon-inspired cartoonish look deceive you. This “play-to-earn ” blockchain-based game allows you to build your monster(s) to compete with others and buy and sell your monster(s) to earn.
Despite being down about 13% for the past 30 days, AXS’s gain in 2021 is about 18,500%. That makes Axie Infinity among the top-performing cryptocurrencies of this year.
AXS: Monthly
This is a relatively new cryptocurrency. As you can see we only have data for this year but it is apparent that it took a rocketship from earlier this year to get to where it is now.
The monthly chart shows that it is riding 5EMA (burgundy) as buyers stepped in at this support level so far. (Note: Using 5EMA is for a very aggressive momentum trade.)
No data on momentum oscillator or squeeze at this moment on the monthly chart.
AXS: Weekly
The weekly chart shows a deep pull back from its all-time high from $160 but it has found support at 21EMA (Cyan) and also holding above a key psychological level of $100.
Trend structure is positive but the very fast moving average 5EMA (Burgundy) is below 8EMA (Yellow). This is usually no big deal as trend following approach focuses more on 21EMA (Cyan).
It would be ideal for both HODLERs and trend followers to see AXS holding above 21EMA with its price holding above $100.
AXS: Daily
AXS’s daily chart is a bit sloppy.
It showed volatile price action from October to early December with a wild swing characterized by long wicks on daily candles. Its “Head and Shoulder” pattern (a bearish pattern) completed in early December.
Its moving averages have been showing a downtrend for about a month now but the fast moving averages are turning up. Which is an attempt to repair its price structure.
Recent daily price action is showing a “Saucer Bottom” pattern (a bullish pattern). The momentum oscillator shows that Fast momentum (yellow) has entered the bullish zone (upper half) and Slow momentum (red) is also catching up.
The squeeze indicator shows a medium compression (red) and the momentum histogram shows that bearish momentum is turning flat. The first test from here would be when the price tests 50MA (Salmon) for the first time since its decline in December.
If it can find itself above 50MA, the first price target is back at its all-time high at 171.8. Let’s see how the entire crypto market is going to behave. AXS will likely follow the overall market.
Key Technical Levels:
- Support Zone: 89 – 97
- Immediate Support: 103
- Immediate Resistance: 111
- Resistance 1: 50MA (Salmon)
- Resistance Zone: 119.5 -139.85 (A heavy volume zone: A lot of volume traded in this area)
- Resistance 2: 154
- Price Target 1 (Double Top at all time high): 171.85
- Price Target 2: 194.43
- Price Target 3: 223.15
Moving Averages Used:
- Burgundy Line = 5EMA
- Yellow Line = 8EMA
- Cyan Line = 21EMA
- White = 30MA
- Salmon = 50MA
- Purple = 200MA
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