A confluence of fundamentals and technical factors driving AXS price.
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Axie Infinity was trading at a key support level when bullish momentum rose in the broader market.
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Axie Infinity has the benefit of being the largest and most popular play-to-earn gaming platform in the market.
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Axie Infinity moving averages point to more gains in the short term.
Axie Infinity AXS/USD is one of the top crypto performers. In the past 7-days, Axie Infinity has been up by 32%, with most of the gains being recorded in the last 24-hours. The current pump is a mix of broader market momentum and the fact that Axie Infinity was trading at a key support level of $51.29 on the 100-day MA before the market started pumping.
That said, Axie Infinity’s core fundamentals are pretty strong, making it attractive to investors, especially now that it is trading at massive lows compared to its price in November 2021.
For instance, Axie Infinity is now the largest play-to-earn gaming platform in the market. As of February 2021, over two-thirds of NFT gaming transactions came from Axie Infinity. While Play-to-Earn games have slowed down in the past two months, Axie Infinity continues to command a lead in this space.
This is a big deal because now that the markets are turning bullish again, gamers and creators looking to make money off NFT gaming will be drawn more into Axie for its dominance in the gaming market.
Axie Infinity trading in a bullish channel
Source: TradingView
In the last 24-hours, Axie Infinity has been trending up, and buying volumes have shot up. The momentum that Axie Infinity has at the moment is most evident in the moving averages. The short-term moving averages 20-day and 50-day moving averages are outpacing the 100-day MA with a huge margin. This indicates that AXS's price is now rising at an accelerated rate compared to its price over a more extended period.
Summary
Axie Infinity is in a breakout after bouncing off major support in the past week. Rising bullish momentum across the market coupled with Axie Infinity’s strong fundamentals are adding to the upside momentum.