Axie Infinity (AXS) Breakout Imminent: Analysts See 40% Upside Potential
The post Axie Infinity (AXS) Breakout Imminent: Analysts See 40% Upside Potential appeared first on Coinpedia Fintech News
Axie Infinity (AXS), a fast-growing virtual world with several nostalgic gaming titles, has approached the tipping point of bullish breakout. The mid-cap altcoin, with a fully diluted valuation of about $2.1 billion and a daily average traded volume of around $42 million, is well bolstered by its gaming ecosystem.
According to market data provided by DappRadar, Axie Infinity has nearly 44k unique active wallets (UAW) that have transacted over 67k with different smart contracts.
The Axie Infinity network combines NFTs and token systems to inspire its users to achieve financial freedom. Moreover, the Axie Infinity NFT projects have registered a total trading volume of about $1.81 million in the past 30 days.
What to Expect on Axie Infinity (AXS) Price Action
#AxieInfinity appears to form an inverse head-and-shoulders pattern on the weekly chart, which anticipates $AXS to rise toward the neckline at $13 before a potential breakout to $22. pic.twitter.com/99kVKwUrwc— Ali (@ali_charts) May 23, 2024
According to a popular crypto analyst, Ali Martinez, AXS price against the US dollar on the weekly chart has been forming an inverted head and shoulders (H&S) pattern in preparation for a huge uproar. The crypto analyst expects AXS price to reach at least $22 after consistently closing above the resistance level of around $13.
$AXS Major Trendline Breakout & Retest has confirmed on the 8hr timeframe Chart.. Looks Promising for the +40% Bullish Rally in the near term. #Crypto #AXS #AXSUSDT pic.twitter.com/VrxIndGIDc— Captain Faibik (@CryptoFaibik) May 23, 2024
A popular crypto analyst, Captain Faibik, has outlined a similar bullish outlook for AXS. According to Captain Faibik, the AXS price against the US dollar has broken out of a major falling logarithmic trend on the 8-hour time frame and is currently completing the retest.
As a result, the crypto analyst expects AXS price against the US dollar to rally at least 40 percent in the near term.
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