Axie Infinity Surges Past $140, Fueled by Facebook’s Meta Rebrand

Axie Infinity (AXS) saw its price skyrocketing to levels past $145 as the crypto reacted to updates on Facebook rebranding to Meta. A surge beyond the closest resistance at $150 might witness AXS tagging new highs.

On 28 October, Facebook announced its plans to rebrand to Meta. Such declaration confirmed the ambitions of the social media giant to venture into a metaverse. The news catalyzed a speculative surge in the Gaming and NFT tokens within the Metaverse.

Decentraland (MANA) surged by nearly 80% during price actions between 28 October and 29 October. The impressive movements saw the alt’s market cap rising from $1.44 billion to beyond $2.08 billion in around 24 hours.

AXS, Axie Infinity’s native token, gained about 22.5%, hitting a two-week peak past $160. Axie Infinity is a Pokémon-designed play-to-earn game. Players can use the coin (AXS) to buy in-game non-fungible tokens (digital pets).

Axie Infinity Attempts to Steady beyond $140

Axie Infinity surged more than 39% from $117 lows on 28 October to the swing peak at $163 on 29 October. However, the critical resistance at $150 rejected AXS’s rally, retracing to its current price levels. While writing this article, the altcoin has a price of around $145.

AXS trades on a bearish attitude beyond $140. Dropping under this area might see AXS losing its latest bullish pressure, plummeting to the support barrier at $125. Breaching beneath this area can have the alt inside the demand territory from $108 to $114.

However, if Axie Infinity overpowers the selling momentum out of the supply territory in the $148 – $155 range, the token will surge to secure another peak beyond $155.

The climbing MAs and Moving Average Convergence Divergence movements confirm this bullish activity. Also, the Relative Strength Index position at 63-level, nearing the overbought region, indicates buying momentum.

Recent AXS surges come due to positive sentiments following the metaverse craze, fueled by Facebook’s rebrand to Meta. The altcoin has chances to plunge if this news fades from the market. However, let us see what the upcoming sessions have for AXS.

Stay tuned for more crypto market updates.

Leave a Reply

Your email address will not be published.