Axie Infinity (AXS) is a blockchain-based gaming platform that allows players to collect, breed, battle and trade digital creatures called Axies. AXS is the native token of the platform, which is used for governance, staking and playing the game.
Table of Contents
Price Journey
AXS started the year 2023 with a price of around $7 and peaked at around $11. The price has been trading in a range for a couple of months now.
The token faced several challenges, such as the decline in active users, the increase in token supply due to a major unlock event, and the competition from other gaming crypto and NFTs.
Current Price Analysis
As of Oct 21, 2023, AXS is trading at $4.29, down by 2.2% in the last 24 hours and by 1.2% in the last seven days. The token has a market capitalization of $564.87 million and a circulating supply of 131.5 million. The token has a low trading volume of $47.28 million, indicating a lack of interest and liquidity in the market.
Facing resistances, double bottom in action, if it breaks neckline of it resumption of upward trajectory is expected.
The token has a strong support level at $4.0, which was tested several times in the past week. If this level is broken, AXS could drop further to $3.5 or even $3.0. On the other hand, the token has a strong resistance level at $5.0, which was rejected several times in the past month. If this level is breached, AXS could rally to $6.0 or even $7.0.
Future Outlook
The future outlook for AXS depends largely on the development and adoption of the Axie Infinity platform. The team behind the project has announced several plans to improve the game experience, such as launching a new battle system, introducing land gameplay, expanding the Axie universe, and implementing more crypto governance features. These initiatives could attract more users and investors to the platform and increase the demand and utility for AXS.
However, AXS also faces several risks and uncertainties, such as regulatory issues, security breaches, market volatility, and competition from other gaming and NFT projects. These factors could negatively affect the price and performance of AXS.
Therefore, AXS investors should be cautious and do their own research before investing in this project.
News Roundup
Here are some of the latest news headlines related to AXS:
- As Cosmos (ATOM) and Axie Infinity (AXS) Witness Dips, VC Spectra’s Presale Soars: While ATOM and AXS have experienced price declines in the past week, VC Spectra (SPCT), a new crypto project that aims to create a decentralized venture capital ecosystem, has seen its presale soar by over 1000%.
- Axie Infinity price braces for volatility with $63 million worth of AXS due to flood markets a cliff unlock:A major token unlock event that occurred on Oct 20, which added 15.13 million AXS tokens to the circulating supply, worth about $62.62 million at current rates.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
