Axie Infinity price skyroketted to areas above $155 as the AXS reacted to the news that facebook was rebranding to Meta.
A rise above the immediate resistance around $150 could see AXS rise to tag new highs.
Facebook’s announcement of October 28 that it was rebranding to Meta was an affirmation of its ambitions to go beyond online social media to build a metaverse. These news triggered a speculative rally cross NFT and Gaming cryptos in the Metaverse.
Decentraland (MANA) jumped by as much as 80% between October 28 and October 29 with its market valuation exploding from $1.44 billion to over $2.08 billion in just 24 hours.
AXS, a native token to Axie Infnity, a Pokemon-styled “play-to-earn” pet training game and virtual world also rallied by as much as 22.5% to hit a two-week high above $160. AXS is Axie marketplace’s legal tender where players use it to purchase digital pets (in-game NFTS).
AXS Price Takes A Breather Above $140
Axie Infinity rallied over 39% from a low of $117 on October 28 to a high of $163 on October 29. This rally was rejected by the $150 resistance level which has since seen the AXS price correct to the current price around $142.
AXS is trading with a bearish bias above $140 and slip below this level could see it lose the recent bullish momentum to tumble towards the $125 support wall.
A slip below this could see a safe haven at the demand one between $108 and $114 shown by the green band.
On the upside, if AXS price overcomes the selling pressure from the supply zone between $148 and $155, the Axie Infinity Token will rise to discover new record highs above $155.
The upsloping moving averages and movement of the MACD in the positive region validate this bullish outlook. Morever, the position of the Relative Strength Index (RSI) indicator at 63 close to the overbought one shows that the bullish momentum still has some strength.