- AXS reversed losses caused by Axie Infinity server issues
- AXS/USDT pair logged a new all-time high
- New version release fuelling rally
JAIPUR (Coinchapter.com) – AXS is back in the green post incurring losses due to Axie Infinity’s server imbroglio. Renewed buying pressure has pushed the AXS/USDT exchange rate to a new all-time high.
Monday’s trading session opened with Axie Infinity’s native governance asset continuing Saturday’s loss-laced momentum. The correction deepened after players were unable to access the game’s servers. From the previous all-time high of $50 (logged during the noon session on July 24), the AXS/USDT spot pair retracted by 30 percent to $35, up until the late noon session on July 26.
Related: AXS falls on a bullish crypto day as Axie Infinity runs into server issues
Nonetheless, buyers swooped back in after server functionality switched back to normal. A new all-time high of $53.65 came on the back of surging buying pressure after the Axie Infinity team announced an updated version of the uber-famous play-to-earn game.
Partners and the community welcomed the move. “Quick responses and we are back on top like we never left! Well done, Axie!” said Bryce, an official YouTube, and Twitch-based Axie Infinity trainer.
AXS Technical Setup
Buyers successfully pulled AXS above the crucial 20-day exponential moving average (EMA) wave even after the 30% correction. And not just in this one instance. But multiple times in the asset’s market history.
The AXS/USDT spot pair has registered 900% percent gains in July itself, with a 737% rise in prices recorded in the past week itself. The explosive rally is a result of AXS achieving a new high after every bearish structure breakout.
In the ongoing rally, the Axie Infinity token cleared past key Fibonacci retracement levels (reversed). These levels coincide with $35, $40.65, $42.39, $44.13, $46.62, and $49.78 prices. AXS is now changing hands near the 78.6% Fib retracement level, as bulls took a breather after the flight to $53.5.
A close above the 100% Fib retracement level ($49.78) would reinstate bullish sentiment. In the said scenario, if buying pressure outweighs selling pressure, a test of $58.92 (161.8% Fib retracement level) could be possible. But bears have made their presence felt since the previous noon trading session.
So, a drop to $42.39 (50% Fib retracement level) and subsequently $40.65 (38.2% Fib retracement level) is on the cards if the ongoing bearish pressure ensues.
