Last 24 hours have seen Axie Infinity outperform many not only in GameFi and DeFi but also top cryptocurrencies.
AXS succeeded in negating some of the larger losses this month thanks to the general rise shown throughout the course of the week.
Axie Infinity registered the outflow of roughly £29.4 million worth of AXS tokens from the investors’ wallets as the cryptocurrency touched its lowest point in nearly a year. The altcoin also experienced one of its biggest-ever crashes in June.
Long-term investors who had been holding onto their investments since June 2021 were also prompted to sell and move on by the drop to £8.97.
Investors tried to transfer around £74.2 million worth of supply between wallets over the course of two days, which resulted in losses.
AXS was able to bounce back from those lows and increase by 40.66%, trading at £14.8 at press time, after a week of green candles. Axie Infinity is undoubtedly headed in the right direction, even though it is still a long way from making up for its June losses.
After more than two months, the RSI, which had just entered the oversold region, has surged back into the bullish zone. AXS is also getting closer to recovering the 50-day SMA as support in part thanks to the market’s overall favourable indicators.
A sustained climb is what AXS needs right now, and historically, this level of support has been the first indication of one.
As a result, if prices continue to rise, the altcoin’s market value, which has decreased dramatically over the past two months, would also increase.
AXS may be moving in the right direction with this rally, even though more definitive signals have not yet materialised.