Will AXS Hit $50 Soon?

Axie Infinity is a blockchain-based virtual gaming platform that has overtaken gaming communities. Each player has characters (Axies) that battle other players’ Axies. These creatures can be acquired, trained, and traded, giving ownership and monetization properties. AXS coin serves various purposes, including governance, staking, and in-game utility. The users can also earn rewards and can gain exclusive benefits to stake AXS tokens. The founder of the game is SkyMavis, a team of professional developers based in Vietnam.

The number of users of Axie Infinity has not observed any significant changes in 2023. Meanwhile, the average number of transactions on the network is around 440, as per Dune Analytics. Meanwhile, the daily new accounts on the network have declined and reached 140. The adaptation of AXIE has declined after the pandemic and can see a new high in the future.

Axie Infinity has a market cap of $661 Million and is ranked 61st in the CMC. The volume of AXS surged 54% intraday. The social engagement of the asset price has observed a decline, as per Lunar Crush.

Will AXS Price Rebound to New High Soon?

Axie Infinity coin price has been seeing a steady recovery over the past few days. It has taken a pause near the crucial level in the chart. AXS is currently trading near the value of $5.522, with a drop of 2% in the intraday session. The asset price is currently stuck below the 1 fib. If it crosses above the threshold, then a strong momentum in the future can be seen. The resistance of the AXS can be seen near $6. Meanwhile, the support of the price can be observed near $5.

The RSI of AXS is near 45, suggesting its presence in the neutral zone. The overall sentiment of the indicator is weekly bullish.

Summary

Axie Infinity has observed no significant changes in their user base and transactions. AXS is currently in recovery mode and can see a new high in the future.

Technical Levels

Major Resistance:$8

Major Support:$6

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.