• Axie Infinity price has surged 29% in 24 hours, trading at $12.86 at the time of writing.
• This rally is possibly due to the Chinese New Year celebrations, as cryptocurrency prices tend to go up during this time.
• The Moving Average Convergence Divergence (MACD) indicator and the Money Flow Index (MFI) suggest a bullish outlook, with the MFI rising into the overbought region.
As the crypto market continues its journey towards recovering, Axie Infinity (AXS) is at the helm of the movement. In the past 24 hours, the gaming and NFT token has seen its price rise by a staggering 29%, trading at $12.86 at the time of writing. This surge follows a long period of sideways movement, with the price reaching levels last seen in September.
Analysts believe the current rally is likely due to the Chinese New Year celebrations, as it has become a tradition for cryptocurrency prices to surge during this period. Over-the-counter (OTC) services usually remain closed during this time, resulting in an extremely volatile crypto market.
The bullish outlook is further reinforced by technical indicators such as the Moving Average Convergence Divergence (MACD) and the Money Flow Index (MFI). The MACD has generated a buy signal, suggesting that the uptrend is set to continue. Meanwhile, the MFI is rising into the overbought region, indicating an influx of funds into the AXS markets.
This bodes well for Axie Infinity price, which is expected to keep the momentum going and push past higher support levels, preferably above $12.00. Such an increase in value would be welcome news for investors, as it would open the door for other macro and fundamental factors to catch up with the current price momentum. It would also prevent any sudden pullbacks caused by overhead pressure from panic-selling waves.
All in all, the outlook for Axie Infinity price is looking very positive, and investors are optimistic that the token will continue its journey to the top. With the Chinese New Year celebrations now behind us, we can expect to see further gains in the coming weeks.