- Axie Infinity’s native token AXS could gain additional 40% thanks to a Bull Flag.
- The game grows in popularity, attracting new users in developing countries.
YEREVAN (CoinChapter.com) – AXS, the governance token of Axie Infinity, a blockchain-based video game, gained 20% on Nov 4 and hit $154.2 ahead of the New York session Thursday. The digital asset formed a bullish pattern dubbed the ‘Bull Flag’ that could see AXS reach over $200 in the upcoming sessions, while many other crypto assets consolidated.
The Bull Flag occurs after a rally, and the price action consolidates within two parallel trendlines. After the consolidation, AXS is ‘programmed’ to take off in a new leg up with another 45%. The potential surge equals the flagpole of the previous rally. The target value of AXS could sit at $222.
In hindsight, AXS has gained a whopping 34,122% year-to-date and 120% in Q4. Axie Infinity token revisited its all-time high and topped it by a fraction, setting a new record at $167 on Nov 4.
Since early October, the relative strength index (RSI; purple graph at the bottom) has been charting between 60 and 70. A high RSI of 68 indicates traders’ confidence in the asset. In addition, the low trading volume (vertical bars above the RSI) could point at traders’ willingness to hold AXS rather than exchange it for other crypto or fiat currencies.
Moreover, the global reach of the game grew, adding to the market valuation.
Axie Infinity grows in developing countries
Axie Infinity has grown in popularity, including in developing countries. According to the statistics website activeplayer.io, monthly players have been growing since September 2020 and stood at 2.3 million in Oct 2021. Moreover, the Philippines takes first place by user count, at over 40%, followed by Venezuela and USA.
In hindsight, blockchain-based games provide an earning opportunity for their users. They can breed in-game creatures called Axies using crypto assets, mint them as NFTs (non-fungible tokens), and sell them to other players.
A Twitter user with the handle Saharan-sub posted a statistic showing how Axie Infinity players in Ghana boost their monthly income by playing the blockchain-based game.
Axie Infinity grows in popularity, according to the rising number of active monthly users. Moreover, the technical indicators point to a new leg up for AXS in the upcoming sessions. If the digital asset complies with the prediction, it could gain an additional 40% and reach $220.