Axie Infinity (AXS) Rallies for 10% Following Rise of GameFi Industry

According to the top 100 cryptocurrencies sorted by market capitalization, Axie Infinity became the most profitable asset on the market, with a 10% price increase in the last 24 hours. The token shows a strong price performance, and it is potentially aiming at a long-term reversal. 

AXS technical analysis

As the daily chart of the token suggests, AXS formed a higher low, which is the first indicator of a trend reversal. Earlier, AXS bottomed out at around $12.4 thanks to the historical support level that caused a bounce to $17. 

The most recent bullish move made by AXS is the successful breakout of the 50-day EMA resistance level, which might act as a trampoline for the asset and launch it towards the next resistance on the chart ‌at around $35, which is almost a 100% increase from the current value of the token. 

How is GameFi industry nowadays? 

In contrast to NFTs and DeFi, GameFi took the least damage during the bear market as inflows to the industry remained at a steady level in 2022, allowing numerous projects to remain afloat. 

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During the cryptocurrency market recovery, AXS saw a massive increase in inflows coming from Ethereum whales as the project remained one of the biggest and most notable representatives of the GameFi industry. 

AXS entered the top 10 most purchased tokens by Ethereum whales and gained over 45% to its value since then. Axie Infinity still has some fuel to go higher according to numerous technical indicators, but it is all up to inflows to the market as a whole.