The price of Axie Infinity soared above $155 as the AXS reacted to the news that Facebook was rebranding to Meta. A break above the immediate resistance level of $150 could propel AXS to new highs.
Facebook’s announcement on October 28 that it was rebranding to Meta was an affirmation of its ambitions to build a metaverse beyond online social media. These developments sparked a speculative rally in Metaverse NFT and Gaming cryptos.
Decentraland (MANA) increased by up to 80% between October 28 and October 29, with its market capitalization skyrocketing from $1.44 billion to over $2.08 billion in just 24 hours.
AXS, the native token of Axie Infnity, a Pokemon-inspired “play-to-earn” pet training game and virtual world, also surged by up to 22.5 percent to a two-week high above $160. AXS is the legal tender of the Axie marketplace, where players can use it to buy digital pets (in-game NFTS).
The price of the Axie Infinity has risen above $140.
Axie Infinity increased by more than 39% from a low of $117 on October 28 to a high of $163 on October 29. This rally was stymied by the $150 resistance level, causing the AXS price to correct to its current level of around $142.
AXS is currently trading with a bearish bias above $140, and a break below this level could cause it to lose its recent bullish momentum and fall towards the $125 support wall.
If the price falls below this level, a safe haven could be found in the demand zone between $108 and $114, as indicated by the green band.
Daily AXS/USD Chart
On the plus side, if the Axie Infinity Token price overcomes the selling pressure from the supply zone between $148 and $155, the Axie Infinity Token will rise to new record highs above $155.
The positive movement of the MACD and the upsloping moving averages validate this bullish outlook. Furthermore, the position of the Relative Strength Index (RSI) indicator at 63, close to the overbought level, indicates that the bullish momentum is still strong.