Axie Infinity (AXS) Price Analysis and Prediction
What is $AXS?
The governing token of Axie Infinity, an Ethereum-based play-to-earn (P2E) NFT game, is Axie Infinity (AXS). In November 2020, the ERC-20 token AXS was introduced. The token is furthermore available as a BEP-20 token that works with the Binance Smart Chain (BSC).
In 2018, the Vietnam-based Sky Mavis released Axie Infinity on the Ethereum blockchain. The Axies, native NFTs, and another governance token, Smooth Love Potion, are all included in this P2E NFT game (SLP). Users can earn AXS and SLP tokens by participating in this game, which they can then exchange for other cryptocurrencies.
$AXS Price History
The blockchain is home to several NFT video games, including Axie Infinity. Contrarily, players thought that Axie Infinity was simple to play. The ease of the game and the rewards contributed to its sudden success.
By far the most well-liked NFT project in terms of trading volume was Axie Infinity. The increase in traffic had a direct effect on AXS. The initial coin offering (ICO) for the Axie Infinity token took place at the beginning of April 2021, with the first day's closing price being roughly $7.70.
The price of AXS dropped to $6.50 at the end of the month before quickly rising to almost $11. AXS kept setting lower lows, and by the end of May 2021, it had risen to $3, putting an end to the excitement. In the first month following its ICO, the Axie Infinity coin lost more than half of its value. Diamond hands just had to wait a short while for a tremendous spike, whereas strong hands would have been unsettled.
$AXS Technical Analysis
AXS established a higher low, which is the first sign of a trend reversal, as the token's daily chart reveals. AXS had previously reached a low of about $12.4 thanks to the historical support level, which led to a rebound to $17.
The asset may work as a trampoline and propel itself towards the next resistance on the chart at roughly $35, which is almost a 100% rise from the current value of the token. The most recent positive move made by AXS is the successful breach of the 50-day EMA resistance level.
$AXS Price Prediction
An astounding all-time high of $166.12 was reached by the flagship play-to-earn blockchain-based NFT fighting game Axie Infinity Token amid the height of the cryptocurrency bull market. Axie Infinity is currently trading at a paltry $17.28, down 89 percent from its all-time high.
In order to prevent additional devaluation, it is essential that Axie Infinity Token (AXS) presently abides by the support trend line of the horizontal channel. If the $12.66 support level is lost, we could continue to decline toward the $11 level.
Alternately, if Axie Infinity Token (AXS) builds up enough momentum, a breakout of about 39% may occur during the next weeks. The price of AXS would then reach its technical target, which is now around $24.87.
Axie Infinity Token (AXS) has produced three consecutive weekly candles despite the market's overall bearishness. Given that Axie Infinity is starting to trend on Twitter and gains from an increase in trade volume, I would posit that we might even witness a fourth green weekly candle.
Axs-Usdt-30-minute Time frame
A bull flag is also being formed by Axie Infinity Token (AXS), which is trading within the horizontal channel. The graph above shows that we are currently breaking out. Waiting for a retest of the bull flag's resistance trendline, which is currently supported, is the optimum course of action.
Typically, a bull flag leads to an upward bullish breakout. I wouldn't be shocked if Axie Infinity Token (AXS) price reached $18 in the coming days if we can witness this trend continuing.
Axs-Usdt-Weekly Time Frame
We were trading in a downward channel before Axie Infinity Token (AXS) lost its pricing structure in April 2022. The price of Axie Infinity Token has been negatively impacted by the Terra Luna cryptocurrency crash of May 2022.
$AXS Price Comparison with $BTC, $ETH
From the above chart, we can see that ETH, BTC, and AXS are following the same general trend. This suggests that the price of ETH and AXS also rises or falls in response to changes in the price of BTC.