Axie Infinity (AXIE) Token is Going Bullish – Discover the Reason Behind the Surge

Axie Infinity (AXIE) Token is Going Bullish – Discover the Reasons Behind the Surge

Axie Infinity (AXIE) Token is Going Bullish - Discover the Reasons Behind the Surge

/ Discover why Axie Infinity’s AXS token is surging by +15% in 24 hours. Explore the factors driving this blockchain gaming sensation’s rise.

By Nilesh Hembade.

Date: 29 Oct 2023, 22:26 PM IST

Axie Infinity, the blockchain-based trading and battling game platform, came into action a day after its reward token SLP made a huge surge. This blockchain-based gaming platform, renowned for its captivating blend of trading and battling experiences, is back in the spotlight, and it’s all thanks to the impressive performance of its reward token SLP.

In the past 24 hours, the AXS token has undergone a substantial upswing, clocking in an impressive +15% surge. As it stands, the AXS token is valiantly trading at $5.61, bearing a market cap that impressively crosses the $793 million threshold. Market dynamics have been further stirred by a notable spike in trading volume, which has surged a formidable +84.35% in the course of a single day.

The Driving Forces Behind the Axie Infinity (AXIE) Token Surge

One might wonder what catalysts are propelling Axie Infinity’s AXS token to such heights. The answer lies in a technical chart pattern known as the “falling wedge.” This bullish pattern signifies a potential trend reversal and an end to the prevailing downtrend, and AXS has indeed seized this opportunity.

Axie-Infinity-Chart-Coinsprobe-2023-10-29-220900
Source-TradingView

Breaking free from the confines of this falling wedge pattern, the AXS token experienced a major breakout at a price level of $4.15 on October 21. What followed was a successful retesting phase, reaffirming the newfound strength of the token. This resurgence culminated today in a remarkable spike in the price of the AXS token, solidifying its position as a top contender in the crypto market.

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