Axie Infinity price has reached a crossroads and could go either way. And considering AXS is up 2,200% since July. What comes next is likely to be brutal. However, the last time the token reached a crossroads was 10 days ago, just before it more than doubled. One thing is for sure; we should expect the unexpected.
Like Pokemon, Axie infinity the Ethereum blockchain-based trading game, allows users to collect and take care of virtual characters. However, each Axie character is a non-fungible token (NFT), that can level up by winning battles against opposing characters. Players can then breed them and sell their offspring on the Axie marketplace.
This reward incentivises players, encourages community building, and, in theory, increases demand for the AXS token. And as a result of the booming-again NFT market, the Axie Infinity price has exploded in the last month.
AXS Price Forecast
Using the daily price chart of AXS traded on Binance, we see a clear pattern emerging. At the end of June, the Axie Infinity price exploded 2500% from under $3.00 to $56.44. Then AXS spent around two weeks building a rising flag pattern before bursting higher.
AXS doubled between the 10th and 19th of August, topping out at $85.22. And for the last 10 days, the token has been forming a similar rising flag. The lower end of the flag is seen at $67.30 and should be considered the first important support level. And above the market, the top end of the formation is visible around $89.00 and the first resistance.
Considering how Axie infinity has traded in the last month, a price prediction is almost impossible. And if the top end of the flag is penetrated, AXS could scream even higher. However, a more likely event is AXS loses support at $67.30. If this happens, I expect a material correction. A break of $67.30 should lead to the price testing the former trend support around $50.00, which coincidently aligns with the 50-day moving average. However, if that fails to hold up, AXS can go much lower. How much lower remains to be seen. But considering the token was $2.65 two months ago, my guess is quite a lot lower.
Axie Infinity Price Chart (Daily)
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