Axie Infinity [AXS] offers an opportunity to early investors before a 140% ascent

ambcrypto.com:

Axie Infinity price is trading around a crucial support level that is likely to trigger a massive run-up for early investors. On-chain metrics also support this asymmetric, no-brainer, and a bullish outlook for AXS.

Axie Infinity’s price crashed 65% starting on 24 March, which is slightly steeper than the rest of the altcoin markets. AXS went from $74.57 to $26.23 as it sliced through the $45.22 resistance barrier.

However, the bright side to this bleak picture is that AXS dipped inside the two-day demand zone, extending from $15.58 to $27.25. A demand zone is an area where institutions or high net worth investors accumulate, pushing the price higher.

Often, there are unfilled orders in this area and when the price retraces back to this level, the remaining orders get filled, which increases the buying pressure and propels the asset’s price as a result.

Hence, the recent dip into the two-day demand zone is bullish for Axie Infinity’s price. Going forward, investors can expect AXS to trigger a run-up to retest the immediate barrier at $45.23. Clearing this hurdle into a support floor will open the path for bulls to take control and revisit the $72.72 ceiling.

This run-up would constitute a 140% gain and is likely where the upside is capped for AXS.

Source: TradingView/ AXS/USDT 1-day chart

Adding a tailwind to this bullish outlook for Axie Infinity’s price is the nosedive in the 365-day Market Value to Realized Value (MVRV) model. This indicator is used to gauge the sentiment of holders by tracking the average profit/loss of investors who purchased AXS tokens over the past year.

Generally, a negative value indicates that these holders are underwater. Hence, the probability of a sell-off is low. Based on Santiment’s backtests, a