The Axie Infinity (AXS) price recorded a 25% rise over the last three days to an intra-day high of $5.15 on August 14. However, the token faced rejection from the 50-day Exponential Moving Average (EMA) at $5.04, pulling back 6% to $4.69.
The surge caught traders off-guard, liquidating almost $1000 in short positions. Notably, this magnitude of shorts liquidated has not been seen in months, as indicated in the chart below.
It is also worth mentioning that the rally saw AXS lead the crypto gainers list up to its intra-day high. The surge was attributed to recent developments in the gaming ecosystem, with Axie Infinity positioned right at the center of it.
Lunacians, the Mystic Era has ended and we have now entered the Off-Season. ⚔️
Congrats to everyone who battled it out in the Arena during Season 5! We’ve released a few exciting updates for the Off-Season. Here’s what’s new! 👇 pic.twitter.com/p6PCcad47o
— Axie Infinity (@AxieInfinity) September 14, 2023
Based on the tweet above, the Axie Infinity ecosystem is spearheading the Origins Season 5 Off-Season and ushering in Season 6.
We’re giving players a chance to get a head start on Season 6 with Off-Season Leaderboard Rewards.
Players win Rare Runes, Charms, Moonshards, and Promotion Boxes for their Starter axies by defeating their opponents in the Arena during the Off-Season. Use this to your advantage… pic.twitter.com/LOT1jnAoZU
— Axie Infinity (@AxieInfinity) September 15, 2023
With this, players can get a head start on Season 6 with Off-Season Leaderboard Rewards. There is a chance to win rare runes, charms, moonshards, and promotion boxes for their Starter Axies. This is achieved by defeating their opponents in the Arena during the Off-Season.
Smart participants can leverage this to sharpen their skills or catch up on some well-deserved R&R to start the next season fresh.
Nevertheless, all these may not make sense until you look at what it did to the number of unique active wallet addresses on the project over the last 24 hours.
Axie Infinity Price Rises 25% As Unique Active Wallet Addresses Surge
Axie Infinity’s price proves that optimism can inspire bullish momentum among investors even amid troubled market times. AXS token holders sprinted to accumulate inspired gains leading up to 25% in 24 hours.
Considering prevailing market conditions, a mere short-term bullishness was enough to entice investors to act, causing a price surge. The chart below shows that the decentralized finance (DeFi) application witnessed an unexpected increase in unique active wallets, recording a 77% rise to $24,300.
Experts say this drove the AXS price surge, providing bullish momentum with active deposits hitting a multi-month high of almost 130 following the surge. This constituted a 290% rise in daily figures, indicating that investors were possibly ready to offload their Axie Infinity tokens to capitalize on the rally.
On the other hand, the supply on exchanges dropped in the number of tokens contained in the wallet, dropping from 2.7 million to 2.1 million. The 600,000 drop represents almost $2.85 million at current rates, suggesting investors are ready to grow their portfolios in anticipation of price hikes.
Fundamentally, it points to buyer momentum far outweighing selling pressure. This could bode well for Axie Infinity’s price moving forward.
Axie Infinity Price Prognosis As AXS Confronts 50-day EMA
Axie Infinity’s price, currently at $4.73, was rejected by the 50-day Exponential Moving Average (EMA) at $5.04. Increased buyer momentum above this threshold could clear the path to climb to the 100-day EMA at $5.60.
A decisive flip of this resistance to the support floor could set the tone for AXS to target the $6.32 roadblock or, in a highly bullish case, extrapolate to the 200-day EMA at $6.95. Such a move would denote a 50% move from current levels.
The Relative Strength Index (RSI) is in an overall uptrend, indicating growing momentum.
Conversely, early profit-taking could see Axie Infinity’s price pull back toward the $4.13 support floor or break below in the dire case. A decisive move under this level could kickstart a new downtrend, considering it is where the last lower high stands.
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