Axie Infinity Soars 29%: Chinese New Year & Fund Inflows Fuel Bullish Trend
• Axie Infinity (AXS) price has surged 29% in the past 24 hours, pushing the price to $12.86.
• The recent surge is due to the Chinese New Year and an influx of funds into the AXS markets.
• Technical indicators suggest that the price could continue to rise, with the Money Flow Index (MFI) rising into the overbought region.
The crypto market is experiencing a wave of bullish activity as the price of Axie Infinity (AXS) has surged 29% in the past 24 hours. This recent surge has pushed the price to $12.86, a price level that was last seen in September. This price increase is attributed to the Chinese New Year, which usually results in an increase of cryptocurrency prices. Additionally, the influx of funds into the AXS markets is also contributing to the price increase.
The Moving Average Convergence Divergence (MACD) indicator is giving a strong buy signal, suggesting that the current uptrend is only beginning and could continue to rise. The Money Flow Index (MFI) is also rising into the overbought region, indicating that there is a high influx of funds into the AXS markets. This influx of funds is likely to keep the momentum of the uptrend intact and prevent any sudden pullbacks.
Overall, the current bullishness in the crypto market creates an opportunity for traders to join the uptrend and capitalize on the price increase. With the Chinese New Year celebrations taking place and the influx of funds into the AXS markets, the price of Axie Infinity could continue to rise in the coming days.