Is Axie Infinity Price Going to Zero

On Apr 21, 2023

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Axie Infinity is one of the most prominent play-to-earn games. It was created by a Vietnamese platform, Sky Mavis. It allows users to compete by battling to collect cards representing cartoon monsters. These creatures, called Axies, fight each other as winners get a chance to earn rewards. These rewards take the form of two native tokens of the Axie Infinity game, Axie infinity shards (AXS), and a small love portion (SLP). The AXS is the rarer crypto. Hence it’s more valuable. The cards are all individual NFTs that can be bought, sold, and traded on the game’s marketplace.

The AXS is an ERC-20 governance token for the Axie Universe. The AXS holders can claim rewards if they stake their tokens, play the game, and participate in crucial governance votes. The website’s whitepaper notes that:

Players can earn AXS when they play various games within the Axie Infinity Universe and through user-generated content initiatives.

Axie Infinity (AXS/USD) has experienced significant price volatility over the last year, with its value fluctuating between $58 on March 1st, 2022, $6.2 on January 1st, 2023, and $9.8 on March 1st, 2023. As of the time of writing, AXS/USD is valued at $8.38, having risen by 3.6% over the past 24 hours.

At the time of writing, the price of Axie Infinity (AXS) stands at $8.15, with a 24-hour trading volume of $60,972,648. This represents a decline in the price of -2.46% over the past 24 hours and a -7.23% drop over the previous 7 days. With a circulating supply of 120 million AXS, the current market capitalization of Axie Infinity is $943,454,819.

Axie Infinity AXSUSD Chart Analysis – A Rebound Expected

AXSUSD Chart Analysis. Source: Tradingview.com

At the time of writing, Axie Infinity is priced at $8.21 and showing signs of coiling up for a potential breakout. This presents an opportunity for investors to buy in at current rates to avoid missing out on potential gains once the rally begins.

If buyer momentum increases, the gaming token could see an ascent toward its 50- and 100-day Exponential Moving Averages (EMA) of $8.78 and $9.01, respectively. Breaking above these levels could pave the way for further gains, potentially leading to a 25% rally toward $10.10.

AXS may reach the 200-day EMA at $8.86 or the $8.56 resistance level in highly bullish scenarios. However, this largely depends on whether traders follow the “buy the rumor, sell the news” narrative.

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