Axie Infinity price is at the helm of its recovery after exploding another 29% in 24 hours to trade at $12.86 at the time of writing. The NFT and gaming token extended the current green candle’s wick to $14.00, a price level that was seen last in September. It is plausible that the uptrend is just beginning and taking advantage of the push from the Chinese New Year.
It has become a norm for cryptocurrency prices to rally during the Lunar New Year (Chinese New Year). This year's celebrations took place on January 22, based on the Lunar Calendar. During this time, over the counter (OTC) services are usually closed – a situation that escalates to an extremely volatile crypto market.
Axie Infinity price needs a controlled hold above higher support, preferably above $12.00. This will pave the way for other macro and fundamental factors to catch up with the price momentum. Furthermore, it is the best way for AXS to prevent sudden distractive pullbacks likely to be caused by overhead pressure from a panic-selling wave to book early profits.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook, which hints at a continuing uptrend. Investors seem convinced Axie Infinity price will keep the impetus intact.
There is a higher influx of funds into AXS markets as shown by the position of the Money Flow Index (MFI) at 76.09. This indicator resembles the Relative Strength Index (RSI) but tracks the volume to gauge the momentum of the trend. With the MFI rising into the overbought region, the path with the least resistance will likely stick to the upside.
Traders wishing to join the party now must wait for Axie infinity to confirm the uptrend before firing up their buy orders. It isRead more on cryptonews.com