The price of Axie Infinity is up today, having advanced over the previous 24 hours and nearing the prior swing high of $13.00 levels. This comes ahead of the promised token unlock event for AXS later today. AXS/USD is up 39.5% today and is currently trading at $12.47.
The token unlock event has been highly anticipated by the community, as it will unlock millions of tokens for circulation, potentially driving liquidity and price appreciation for AXS/USD.
The token unlock event is scheduled to begin later today, and we anticipate further gains in price as the event nears. The team has also promised a series of NFT drops as part of the festivities that are sure to excite the community. Market participants should be aware of the potential for further volatility as the event approaches.
Axie Infinity has become a popular game since 2023, with its unique blend of blockchain-based gaming and collectible NFTs. The ecosystem is expanding rapidly, with new features such as tournaments and a marketplace being added on a regular basis. As more features are added, we expect the price of AXS to follow suit.
The trading volume for the token is also increasing, which indicates more buying and selling activity in the market. This could lead to further price appreciation for AXS/USD as the token unlock event nears. The trading volume stands at over $1.3 billion today, up by over 476% compared to yesterday.
The market cap of the token is currently at $37 million, after gaining over 21 percent in the last 24 hours. More than $4.89 million, representing 1.8 percent of its total supply, has been traded in the past 24 hours.
The token may near reach its all-time high of $13.83 if the current trend continues. We will keep an eye out for further developments in the coming days and provide updates as they become available, as the buying pressure for AXS may further increase with the token unlock event that is set to take place later today.
Looking at the 1-day technical indicators for AXS/USD, we see that the Moving average convergence divergence (MACD) indicator is positive but is showing signs of flattening out. The histogram on MACD is widening with green bars and is above the zero line.
The Relative Strength Index (RSI) for AXS/USD is currently at 69.12 and has been in an uptrend since the start of today. The moving average value sits at $9.58, and the SMA 20 curve is traveling towards the SMA 50 curve and might cross over it in the coming hours, which will be a further bullish indication.
Overall, we expect a bullish run for Axie Infinity ahead of the token unlock event and anticipate further gains for AXS/USD if the current trend continues. We will provide updates as the event progresses.
