The Axie Infinity price rocketed to an all-time high of $155 after several positive reports about the ecosystem. The AXS token is trading at $138, which is about 4,755% above the lowest level in June. This rally pushed its total market capitalization to more than $8.33 billion, making it the 22nd biggest cryptocurrency in the world.
Why is AXS rallying?
There are several reasons why the Axie Infinity price has rallied recently. First, a report by DappRader showed that Axie Infinity strength in the non-fungible tokens (NFT) industry continued rallying in the second quarter.
Trading within the ecosystem rose to more than $2 billion, which is substantial because the entire NFT industry generated more than $10.67 billion in revenue. The game itself made more than $776 million in revenue while the number of daily users surged to more than 1.5 million. Therefore, analysts believe that this trend will continue in the fourth quarter even as competition heats up.
Meanwhile, the Axie Infinity price is soaring as the rest of the crypto industry rebounds. Bitcoin has already crossed the important $50,000 milestone while Ethereum is matching towards $3,500. In total, data by CoinMarketCap shows that the total market capitalization of all digital currencies has jumped to more than $2.2 trillion.
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Additionally, the demand for AXS by stakers has continued rising. The total number of staked AXS has jumped to more than 13 million, which is equivalent to more than $1.8 billion. This is a substantial figure especially for a project that was relatively unknown a few weeks ago. Many users are attracted to the attractive APR of 178%.
Axie Infinity price prediction
The daily chart shows that the Axie Infinity price has been in a strong bullish trend in the past few months. And this week, the AXS price managed to move above the important resistance level at $94, which was the previous all-time high.
At the same time, the price has managed to move above the 25-day and 50-day exponential moving averages (EMA). The Relative Strength Index (RSI) has jumped to the extremely overbought level of 81.
Therefore, the overall outlook of the price is bullish. However, a break and retest pattern, where the price retests the support at $94 cannot be ruled out.
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