The GameFi market has been thrown into disarray due to an ongoing legal battle between the co-founders of Gala Games. As a result, Axie Infinity (AXS) has experienced an astounding surge of 20%. This impressive pump is indicative of Axie Infinity’s position as one of the top-performing GameFi projects in the industry. In the past 24 hours alone, there has been a remarkable 77% increase in unique active wallet addresses on the platform. This sudden influx of growth within the ecosystem has fueled the surge in the value of AXS, which has also been propelled by a surge in active deposits, reaching a three-month high.
Amidst the fading image of Gala Games, Axie Infinity has emerged as the dominant GameFi project, capturing a staggering 80% market share in the Asian NFT market. The only project that comes close to Axie Infinity’s market share is Decentraland, holding a 20% share. Considering the Asian market’s increasing adoption of cryptocurrencies, this dominance by Axie Infinity in the region is likely to continue to drive the growth of active wallet addresses.
After the recent +20% surge, AXS is currently trading at a market price of $4.76 with a 24-hour change of -0.42%. This surge allowed AXS to reclaim technical support above the descendant 20DMA, which had acted as a resistance level for over 50 days since July 24. Currently consolidating above the 20DMA, AXS is attempting to stabilize below a local resistance level of $5.70. A breakthrough of this resistance level would set AXS on a course to test the 200DMA, which is currently around $6.73.
The Relative Strength Index (RSI) has heated up significantly, reaching 51.17 and indicating overbought conditions. This may call for a period of consolidation before a potential breakout. The Moving Average Convergence Divergence (MACD) remains bullish, showing stronger divergence at 0.06 after the impressive upside swing. With positive technical indicators, such as the reclaimed support from the 20DMA and a bullish MACD, a short-term upward movement seems likely after a brief consolidation.
On the upside, AXS could reach a target of $5.70, representing a 20% increase, and potentially test the resistance level at the 200DMA. However, there is still a downside risk of falling back to lower trendline support at $4.10, which would result in a 13.6% decrease if the 20DMA rejects AXS. The risk-to-reward ratio for AXS currently stands at 1.46, suggesting a favorable entry point for potential investors.
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