After breaking out of a continuation pattern, Axie Infinity has achieved a new all-time high.
Over the last eight weeks, the market value of Axie Infinity has increased by 2,105 percent. Although the increasing price action implies that profit-taking is ramping up, the technicals imply that further gains are underway.
New All-Time Highs for Axie Infinity
Axie Infinity is unstoppable, having lately reached a fresh high of $82. In the previous 24 hours, the crypto gaming token has risen by more than 24%, acquiring over 16 points in market value.
The breach of a bullish flag on the 4-hour chart appears to have triggered the recent higher price movement. The pattern’s flagpole was generated by an 85 percent rally between Aug. 8 and Aug. 11, followed by a falling channel that formed the flag.
If purchase orders continue to pour in, AXS may rise another 30%, bringing it closer to $100. This objective is calculated by taking the height of the flagpole and multiplying it by the breakout point.
The positive prognosis will remain unchanged as long as the 50-four-hour moving average holds. On the other hand, failure to do so will greatly raise the chances of a major correction.
A breach of the $66 support level would certainly result in a downswing to the 100-hour or 200-hour moving average. These two regions of interest are now trading at $53 and $42, respectively.
Axie Infinity‘s meteoric rise coincides with a time of frenzy dubbed “NFT summer” by others. Animal avatars, generative art, and other non-fungible assets have grown in popularity in recent weeks, in addition to the NFT gaming boom, which Decentraland’s development has also shown. As a result, trading volumes on NFT exchanges like OpenSea have increased dramatically, with prices for several assets reaching new highs.