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Anyone Buying Axie Infinity Before the Next Jump off the 20 Daily SMA?

The native token of the Axie Infinity game, AXS, totally missed the surge in the crypto market during the first few months of this year, and no one really knew this token until July, to be honest. It was trading below $3 by the end of June, while in July it absolutely exploded higher, as the demand for the game and the native token increased exponentially.

Now, Axie Infinity is one of the biggest of these paying games, which allows players to earn crypto coins – in this case, Axie coins. As a result, AXS/USD surged from below $3 to a high above $85 a weak ago, which means almost a 3,000% increase in value in 7 weeks.

This has turned AXS into a respectable digital token, after it surged above $85 a week ago. With unemployment increasing in these times of coronavirus and restrictions/lockdowns, Axie Infinity is attracting more and more players, who are playing to earn an income. The government of the Philippines is even looking at taxing the income generated by playing this Pokemon-like game. So, the GameFi scene is becoming stronger.

But you can also make a lot of profit trading the Axie token, to be honest. It has been one of the most predictable tokens out there since July, and we did make a hefty profit buying Axie last month. This cryptocurrency has been going up in waves, which have started at the 20 SMA (gray) every time.

Axie Infinity Token H4 Chart

The consolidation coming to an end for AXS/USD

The price action has been quite straightforward: a surge higher, then consolidation or a little retrace until the 20 SMA catches up with the price on the daily chart, and then another jump higher. After the first surge from $3 to $30, during the first two weeks of July, AXS/USD retreated a little until the 20 SMA caught up, and then it jumped higher to $56. After that, we saw a consolidation for about two weeks and after the 20 SMA caught up again, this crypto coin jumped higher for the third time, reaching $85.

Now, after consolidating for some time, the 20 SMA has caught up with AXS/USD, and this moving average is already providing support. We are thinking about going long on AXS again from here, leaving the take profit target open and placing the stop loss just below $60, which has been the low for this coin during the consolidation of the last two weeks.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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