Axie Infinity (AXS) has experienced a significant surge of +20%, outperforming other GameFi projects in the market. This surge comes amidst turmoil in GameFi markets caused by a legal dispute between the co-founders of Gala Games. The sudden increase in active wallet addresses and ecosystem growth has further fueled the pump in AXS. With Gala Games fading from the spotlight, Axie Infinity is emerging as the leading GameFi project, capturing an astonishing 80% market share in the Asian NFT market. This dominance, coupled with the growing adoption of cryptocurrencies in Asia, positions Axie Infinity for significant growth in active wallet addresses.
After the recent pump, Axie Infinity is currently trading at a market price of $4.76, representing a 24-hour change of -0.42%. The surge in price allowed AXS to reclaim technical support above the descendant 20-day moving average (20DMA), which had acted as a resistant level for over 50 days since July 24. Currently consolidating above the 20DMA, the price is attempting to stabilize below a local resistance level at $5.70. Reclaiming this historic price level could pave the way for a run at the 200-day moving average (200DMA) around $6.73. The Relative Strength Index (RSI) has heated up significantly, reaching 51.17 and entering the overbought territory. This may signal a need for consolidation, but a potential breakout could occur if the price collides with the upper trendline.
The Moving Average Convergence Divergence (MACD) indicator remains bullish, showing stronger divergence at 0.06 after the impressive upside swing. Overall, the strengthening fundamentals, with capital flowing out of Gala Games and into other GameFi projects, combined with positive technical indicators like the support from the 20DMA and a bullish MACD, suggest that there is a likelihood of further upside in the short-term. This presents an upside target for AXS at $5.70, indicating a potential 20% increase, and potentially setting the stage for a test of resistance at the 200DMA. However, there is still a risk of a downside move towards the lower trendline support at $4.10 in case of rejection from the 20DMA. Therefore, the risk:reward ratio for Axie Infinity is 1.46, making it an attractive entry point for interested investors.
While some investors are still optimistic about Axie Infinity’s future, others are already exploring alternative opportunities. These smart investors are turning to next-generation trading analytics tools that leverage AI technology to identify market alpha in real-time. One such platform is Launchpad XYZ (LPX), an innovative ecosystem designed to lower the entry barriers to Web 3.0 through user-friendly tools, insights, and analytics. It caters to both seasoned cryptocurrency users and beginners, offering features like NFT discovery, a decentralized exchange (DEX), a Web3 wallet, and utility token analysis.
At the core of the Launchpad XYZ ecosystem lies the $LPX token. Holders staking a minimum of 10,000 tokens can benefit from various advantages, including substantial fee discounts, exclusive early access to NFT mint whitelists and presales, beta play-to-earn game launches, and community prestige badges. The platform’s plan to list LPX on major cryptocurrency exchanges is expected to drive significant demand for the token. With the introduction of its primary features in Q3 2023, Launchpad XYZ anticipates a surge in user adoption. The fully diluted market cap of $70 million, based on its maximum token supply of 1 billion, further positions LPX as a project to watch in the rapidly evolving crypto industry.
With its comprehensive suite of features and ambitious vision, Launchpad XYZ aims to break barriers and redefine the crypto space. As it facilitates an inclusive Web3 ecosystem, the $LPX token presents a promising opportunity for investors. Whether one is new to the world of cryptocurrency or a seasoned investor, Launchpad XYZ is a platform that should not be overlooked in 2023. Offering diverse experiences like Web3 presale projects, a P2E Hub for gaming, the Metaverse Experience Library, and the Trading Terminal, Launchpad XYZ creates an immersive environment. Its future developments include a marketplace for fractionalized assets, a Trading Edge Game, and creator tools for brands. Don’t miss out on the chance to invest in Launchpad XYZ, a project with significant growth potential.
Axie Infinity’s recent surge of +20% amid the disarray in GameFi markets demonstrates its position as a leading GameFi project. With an impressive 80% market share in the Asian NFT market and the growing adoption of cryptocurrencies in Asia, Axie Infinity is well-positioned for further growth. However, investors seeking new opportunities are turning to Launchpad XYZ, a next-generation trading analytics platform that leverages AI technology. With its promising LPX token and innovative features, Launchpad XYZ aims to redefine the crypto space and break barriers in the industry. Whether one chooses to invest in Axie Infinity or explore Launchpad XYZ, it is essential to consider the risks associated with cryptocurrencies and make informed investment decisions.
Note: This article is for informational purposes only and should not be considered investment advice. Crypto assets are highly volatile, and there is a risk of losing all capital.
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