Axie Infinity (AXS) Price Shows Signs of Bottoming, Which Could Push It Substantially Higher in the Coming Weeks

The AXS token was trading at $6 on Wednesday, higher than June’s low of $3.85 and almost 50% from the year-to-date high.

The price of Axie Infinity (CRYPTO: AXS) showed signs of bottoming, which could push it substantially higher in the coming weeks as the crypto bull run gains steam.

What Happened: On Wednesday, the AXS token was trading at $6, showing a rise from June’s low of $3.85 and almost 50% from the year-to-date high.

Axie Infinity Users on the Rise: Data from DappRadar showed that the number of Axie Infinity users is growing.

Over the last 30 days, the network’s users grew by nearly 10% to reach 161.2k. Similarly, the number of transactions increased by 4.5% to reach 3.57 million, while the volume handled in the network soared by 107% to reach $61.5 million.

The same trend was observed in the last seven days, where the number of unique active wallets increased by 1% to reach 126k and the number of transactions rose to 879k.

Regular seasons have helped the Axie Infinity ecosystem, encouraging users to check in regularly. Currently, the Season 11 Preseason Cup is underway, where users can win 1,000 AXS tokens, valued at over $5,000.

The season will culminate in the upcoming Wings of Nightmare, which is set to launch on Thursday.

“This is the biggest Axie Core release since Part Evolution… and nobody is ready. It’s time to stockpile AXP. Gather Evolution Materials. Forge Dark Flames. Only a small…,” the developers said in a statement.

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In comparison, Axie Infinity’s performance was much better than other popular gaming networks, such as Decentraland (CRYPTO: MANA) and The Sandbox (CRYPTO: SAND).

According to data, Decentraland had only 836 unique active addresses in the last 30 days. In the same period, The Sandbox had over 55k users.

AXS Price Could Surge Soon: A triple-bottom pattern was formed at $4.21 on the daily chart for the Axie Infinity price.

During most periods, this is one of the most bullish patterns in the market. It also moved slightly above the triple-bottom’s neckline at $5.52.

The coin rose to the 23.6% Fibonacci Retracement level and moved slightly above the 200-day and 50-day Exponential Moving Averages (EMA).

Hence, a bullish breakout is likely, with the next point to watch for being at $8.69, the 50% retracement point. If this occurs, the Axie Infinity token is set for a rise of 52% from the current level.

On the downside, a drop below the key support level to watch for will be at $5, indicating further downside.