Among the highest top 50 gainers, play-to-earn metaverse token Axie Infinity was leading the altcoin charge on Thursday. Positive sentiment, driven through new updates, a listing, and whale purchases, allowed AXS to break away from a bearish pattern and set up a comeback to its February high of $72. At the time of writing, AXS traded at $58.9, up by 14% over the last 24 hours.
Axie Infinity – Updates
For a project whose success primarily revolves around the latest developments of its gaming ecosystem, Axie Infinity is looking to build on its current platform through Origin (Battles V3). The new update includes a host of new changes to the game’s mechanics, UI, and slightly tweaked reward system. The official handle on Twitter recently dropped a preview of what the community can expect once Origin goes live by the end of Q1 2022.
Latest Listing
While Axie is aiming to create a more user-friendly experience internally, the project is also advancing well on the external front. Cryptocurrency trading platform NitroEx became the latest exchange to list Axie Infinity, soon after stating that the project “is the most preferred game in the field of Metaverse projects”. The addition makes Axie Infinity the third metaverse project available on NitroEx, after Decentraland and Enjin.
Whale Purchases
Top Ethereum whales have also not missed on grabbing a piece of the Axie pie during a strong period of developmental activity. As per Whalestats, Axie Infinity briefly featured among the top 10 purchased tokens by the largest 100 Ethereum whales. The average purchase amount per wallet was a little shy of $25,000.
Axie Infinity Daily Chart
In light of recent developments, Axie Infinity bulls found momentum to invalidate a bearish pattern on the chart. The price broke above a descending triangle setup on 22 March and a healthy looking Relative Strength Index and MACD underpinned AXS for a rally extension. Furthermore, a 160% surge in the trading volumes indicated that volatility would remain on the higher end at least over the next 24 hours.
The Visible Range tool was applied to identify important areas on the chart and the zone between $83.3 and $68.7 immediately stood out. For those willing to make bullish bets on AXS, buy orders can be placed at $63 and take-profits can be set at February’s high of $72. Stop-loss can be maintained at $50, slightly below the upper trendline. The trade setup carried a 0.69 risk/reward ratio.