As an experienced crypto analyst, I have closely monitored the intricacies of the Axie Infinity (AXS) token’s price movements and market trends. The recent technical analysis by renowned crypto experts Ali and Captain Faibik has piqued my interest due to their identification of a potential bullish breakout for AXS, as signaled by an inverted head and shoulders pattern on the weekly chart.
The token of the widely-played crypto game, Axie Infinity (AXS), is currently generating buzz among cryptocurrency observers and financiers. Notable crypto pundits like Ali and Captain Faibik have recently put forth their perspectives, highlighting potential trends and technical markers that suggest a potentially bullish surge for AXS.
Analysts noticed an upside-down head and shoulders formation appearing on AXS‘s weekly chart, which is a well-known technical signal suggesting a trend reversal from downward to upward, heralding a potential bullish period.
Major Rally Predicted For Axie Infinity (AXS)
As a researcher, I anticipate that surmounting the $13 resistance by AXS could potentially ignite a rally, propelling the price further towards $22 or even beyond. Similarly, Captain Faibik holds this bullish perspective, as evidenced by the evident uptrend on the 8-hour chart.
The weekly chart of Axie Infinity presents an inverted head-and-shoulders formation, signaling that the price of $AXS may climb up to the neckline around $13 prior to a possible bullish breakthrough towards $22.
— Ali (@ali_charts) May 23, 2024
Faibik observed a notable shift from a persistent downtrend in AXS‘s logarithmic chart and proposed that after a period of testing, there could be a substantial price increase of approximately 40% for AXS in the short term.
$AXS Major Trendline Breakout & Retest has confirmed on the 8hr timeframe Chart..
Looks Promising for the +40% Bullish Rally in the near term. #Crypto #AXS #AXSUSDT
— Captain Faibik (@CryptoFaibik) May 23, 2024
As an analyst, I’ve observed that although Axie Infinity presents a promising technological perspective, it has encountered hurdles. After experiencing a decline in user engagement following its crash in February 2022, the AXS token has significantly dropped from its peak value of $164 in November 2021, marking a steep fall of approximately 95%.
The asset’s current value is approximately $7.72, representing a 0.9% rise in the last 24 hours and almost an 8% growth over the past week.
As a crypto investor, I’ve noticed an intriguing correlation between the recent price surge of various cryptocurrencies and the overall bullish sentiment in the global crypto market. This optimistic trend can be attributed to the growing anticipation surrounding the potential approval of Altcoin ETFs, specifically for Ethereum.
The cryptocurrency Axie Infinity occupies the 87th position in terms of market capitalization, with a worth approximating $1.1 billion. Over the past 24 hours, its currency AXS has recorded trading volumes amounting to around $41 million.
As a crypto investor in Axie Infinity, I’ve noticed a concerning trend in its network metrics recently. Although it holds a mid-cap status, the number of unique active wallets (UAW) and trading volume have taken a hit. According to DappRadar data, UAW has decreased by 5% over the last 24 hours, now standing at around 43,500. The trading volume has seen an even more significant drop, declining by nearly 50%, with current figures barely surpassing $1 million.
Recent Security Breach and Future Outlook
The scene for current market conditions is marked by a recent security incident involving Jeff “Jihoz” Zirlin, one of the founders of Sky Mavis, the organization responsible for creating Axie Infinity.
In February, two cryptocurrency wallets belonging to Zirlin were hacked, resulting in the loss of over $10 million worth of different crypto assets, with the majority being RON, the native token of Ronin Chain, a specialized Ethereum sidechain for Axie Infinity.
Zirlin assured the community that only his personal accounts on the Ronin network were affected by the breach, and no harm came to the Ronin chain or Sky Mavis’s operational systems. He clarified that the stolen private keys did not originate from the company’s internal systems, and emphasized their commitment to maintaining robust security protocols for all chain-related activities.
In spite of the obstacle, Zirlin maintains a hopeful outlook for the future and is determined to provide economic autonomy to users via Axie Infinity.
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2024-05-24 01:16