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Axie Infinity (AXS) Pumps 20%, Here's What Happened

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Thu, 14/09/2023 - 16:15
Axie Infinity (AXS) Pumps 20%, Here's What Happened
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AXS, the native crypto asset of the Axie Infinity Game, experienced a sharp increase, increasing by more than 20% in a matter of minutes.

As prices rose sharply, AXS created a big daily green candlestick with a long upside wick. AXS soared from $4.22 to $5.15 within an hour, gaining nearly 22%.

At the time of writing, some of the gains had slowed, but AXS was still up 9.37% in the previous 24 hours to $4.61.

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On Sept. 11, AXS began a rise after reaching lows last seen in June 2021, falling to $4.059. As its daily RSI went below 30 to hit 21, AXS confirmed oversold conditions, triggering a comeback.

The gaming token consolidated on the rebound that was initiated, subsequently rallying for two consecutive days. The rally accelerated with a sharp spike to highs of $5.15 in today's trading session.

The exact reason for the rise remains unknown, as a look through AXS's official X account finds no big announcement or upgrade that might have necessitated the price spike. However, as it stands, it seems the rise was buoyed technically.

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The most likely explanation for the price surge might be an unexpected short squeeze, which is a rapid increase in the price, owing primarily to excessive short selling rather than underlying fundamentals.

This is apparent in the fact that the surprise move sparked a significant amount of short liquidation. The last four hours saw $1.41 million worth of Axie Infinity liquidated, of which short positions accounted for a larger chunk at $798,420.

The sudden price move also triggered a large increase in trading volumes as traders jumped into the market to capture gains. In the last 24 hours, AXS trading volume has increased by 343%, with over $100 million traded.

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