Can AXS Reach New Heights with 25% Boost?

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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.

AXS liquidations
AXS liquidations

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.

Based on the tweet above, the Axie Infinity ecosystem is spearheading the Origins Season 5 Off-Season and ushering in Season 6.

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.

AXS unique active wallets
AXS unique active wallets

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.

AXS Santiment
AXS Santiment


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.

AXS supply on exchanges
AXS supply on exchanges

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.

AXS price
TradingView: AXS/USDT 1-day chart

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.

Meanwhile, WSM is approaching the end of its presale, with barely two weeks before it is listed on tier-one exchanges.

AXS Alternative

WSM is the native crypto for the Wall Street Memes project. It boasts a strong community of more than a million savvy retail investors. The project presents as the reliable advocate following the 2021 meme stocks wave, a stance that has catapulted the project to the front-row seats of the 2023 presales.

The project has a staking feature running, offering community members a chance to earn passive income.

Almost $330 million has been staked, with stakers anticipating up to 61% in annual percentage yield (APY) with current rewards as high as 75 per block.

Noteworthy, you can stake your WSM tokens now before the presale ends to start earning rewards.

Stake WSM here

Also Read:

Ends Soon – Wall Street Memes

Wall Street Memes
  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on Cointelegraph, CoinMarketCap, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection – Wall St Bulls
  • Tier One Exchange Listings September 27
  • Tweets Replied to by Elon Musk

Wall Street Memes

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