Over the past day, the cryptocurrency market witnessed significant momentum from Axie Infinity, leading the pack with an impressive 11% spike in its intraday trading value. This surge in price is catalyzed by a notable 77% growth in unique active wallets associated with the project within a mere 24-hour period.
The digital finance ecosystem of Axie Infinity recorded a startling rise in the unique active wallets, reaching a count of 24.3k, marking a day-over-day increase of 77%. This sudden uptick in activity might have prompted AXS token holders to adopt a bullish stance, subsequently driving the token’s price upward.
Shortly after this price appreciation, active deposits associated with the AXS token reached a notable three-month peak, recording 128 – a significant 287% increment on the daily metrics. This suggests that amidst the bullish momentum, a segment of investors might have been exploring opportunities to capitalize on the price rally by potentially selling their AXS assets.
Yet, in a contrasting development, the number of AXS tokens held in exchanges decreased. Over a day, the stored supply declined by 600k, dwindling from an initial 2.7 million AXS to a reduced 2.1 million AXS. Valued at approximately $2.85 million at prevailing rates, this reduction indicates a prevailing sentiment among investors to accumulate and hold onto their AXS tokens in anticipation of potential future price hikes.
The observed outflow from exchange wallets and the general market sentiment strongly hint at a dominating buying pressure, which currently outweighs the selling urge. This development could potentially mean that Axie Infinity’s token price might witness a stable recovery phase in the ensuing days.
Axie Infinity price analysis shows a strong surge in buying activity in the past 24-hour session. Currently, AXS is at $4.75, up by 11% in the past day. The 24-hour trading volume for the token has surged by more than 1048% to reach a current level of $72.2 million, indicating a strong sentiment among investors and traders alike. If bulls continue to sustain the momentum, it is expected that AXS could soon cross the $5 mark.
The hourly technical chart also shows signs of a bullish trend in the making, with the MACD exhibiting a rising signal line and strong buying pressure in the form of green candles. The Relative Strength Index (RSI) suggests that the asset is currently near the overbought zone at 65.75 but is expected to breach it to reach higher levels in the coming days. The 20-EMA and 50-EMA lines also show an upward trend, further cementing the bullish outlook.
