Amsterdam, the Netherlands - October 24, 2018: Website of Axie Infinity, a game about collecting and raising fantasy creatures called Axi.
Axie Infinity’s price is on an eight-day bullish streak, with today’s trading session already up by 3 per cent. The move has seen its prices surge by 40 per cent, and based on today’s aggressive outlook; there is a high likelihood that we will continue with the bullish trend throughout the session.
The rise in the price of the Axie Infinity price has rejuvenated discussions on whether the crypto can return to its former glory. Long before the current cryptocurrency bear market started, Axie Infinity was already struggling in the markets due to a hack that occurred in March that had resulted in a $600 million loss for the platform. According to reports, the hackers behind the cybercrime managed to access the funds by compromising a blockchain that underpinned the gaming platform.
Soon after the hack, the company was quick to raise $150 million and promised to reimburse those affected. However, looking at the charts, the Axie Infinity was already bleeding, and prices had started dropping. Then came April, when we saw a full-blown aggressive bearish trend that resulted in Axie Infinity losing 54 per cent of its value. The aggressive bearish trend continued in May and June when Axie also lost 17 per cent and 38 per cent of its value, respectively.
However, July has been different. The platform looks to have put its problems behind it, and on the charts, it is recovering. So far, the prices are up by 18 per cent. The trend is also looking aggressively bullish, meaning there is a high likelihood that we will see the prices continue rising throughout the month.
The chart below shows that the Axie infinity price is aggressively bullish. Based on the price action of the last eight days, we can also conclude that we are in a bullish trend reversal.
Therefore, I expect the prices to continue rising for the next few trading sessions, with a possible price level of $25 being hit. This will be a reversal of what has been happening throughout the year, which has caused Axie’s year-to-date value loss of 81 per cent. My analysis will, however, be invalidated should prices drop to trade at $12, which is a long-term support level.
This post was last modified on %s = human-readable time difference 10:29