Axie Infinity price is showing signs of bottoming, which could push it substantially higher in the coming weeks as the crypto bull run gains steam. The AXS token was trading at $6 on Wednesday, higher than June’s low of $3.85 and almost 50% from the year-to-date high.
Axie Infinity users are rising
Data by DappRadar shows that the number of Axie Infinity users is growing. The network’s users have grown by almost 10% in the last 30 days to over 161.2k. Similarly, the number of transactions has grown by 4.5% to 3.57 million, while the volume handled in the network has soared by 107% to $61.5 million.
The same trend has happened in the past seven days as the number of unique active wallets rose by 1% to 126k and the number of transactions has moved to 879k.
Axie Infinity’s ecosystem is doing well because of the regular seasons, which have inspired users to check in regularly. The season 11 preseason cup is now going on, with users winning 1,000 AXS tokens worth over $5,000.
This season will be followed by the upcoming Wings of Nightmare, which will launch on Thursday. In a statement, the developers described this one as the biggest Axie Core release since inception.
Axie Infinity’s performance has been much better than other popular gaming networks like Decentraland and The Sandbox. Data shows that Decentraland had only 836 unique active addresses in the last 30 days. The Sandbox had over 55k users in the same period.
Read more: Catizen Price Eyes $1 as We Predicted: What Next for CATI?
AXS price could surge soon
The daily chart shows that the Axie Infinity price formed a triple-bottom pattern at $4.21. In most periods, this is one of the most bullish patterns in the market. It has also moved slightly above the triple-bottom’s neckline at $5.52.
The coin has risen to the 23.6% Fibonacci Retracement level. It has moved slightly above the 200-day and 50-day Exponential Moving Averages (EMA).
Therefore, the AXS price will likely have a bullish breakout, with the next point to watch will be at $8.69, the 50% retracement point. If this happens, it means that the Axie Infinity token will rise by 52% from the current level.
On the flip side, a drop below the key support level to watch will be at $5, pointing to more downside.
