The popularity of the game to win money Axie Infinity, is growing like the foam, mainly in countries like Venezuela and the Philippines where the players use the gains as sustenance. As this ecosystem grows, the price of the AXS token does too, and with great force.
At the time of writing AXS is trading at $ 67.65, accumulating a gain of 12.27% in the last 24 hours, and 61.32% in the last 7 days.
This token is the governance vehicle within the Axie Infinity platform, a game in which users breed, fight and exchange creatures, designed in the style of Tamagotchi and Pokémon.
The popularity of the game has been such that the AXS token already has a market capitalization of $ 4,132 million. This makes it the 30th position in the CoinMarketCap ranking.
Another surprising data is the immense volume of the last 24 hours, $ 5,052 million, a figure that even exceeds the capitalization itself. This excessive excitement is what is generating the big rise in price.
In addition, a recent decision made by the community to reduce the daily in-game reward by up to 50%, paid in SLP (token with which players are rewarded for fighting), may be motivating holders to store more, at the same time. expects the reduction in supply to impact the price.
However, even the SLP token has not benefited as much as AXS, even still maintaining a short-term bearish inclination. To turn bullish, resistance at $ 0.2160 must be broken, and it is quite likely to happen soon, due to the drastic reduction in supply.
Technical analysis of the AXS token, native to Axie Infinity
In the daily chart AXS vs USDT we noticed how after crossing a small bullish pennant, the trend was resumed, taking the price towards a new all-time high of $ 77.48.
Now the momentum is showing a bit of exhaustion, which may well be giving way to a small correction before moving up further.
However, the momentum is totally bullish, and it is not a good idea to sit back and wait for a drop. It is possible that with what it has already retraced, it will be enough to look for new highs in the next hours / days.
To weigh in a relevant correction, the support at $ 38.34 must be lost, an unlikely scenario for now.
The best part is over, but we can still look forward to more profit
Since its inception on November 6, 2020, the AXS token has risen 67,500%, an exorbitant gain, and that tells us that the best part has already happened.
This is not to say that the AXS token is going to die. On the contrary, the mega raise tells us about the great potential that the game has. The solid community behind it with more than 1 million daily active users, will defend the price in case a big correction occurs.
Of course, that big pullback is likely to start soon, just as it did with the entire crypto market in 2017, or 2014. But, there is no reason to sit back and wait for it.
We are close to the climax of the bull market, but I think there are still a few months to go until that time comes. The Axie Infinity token will undoubtedly benefit from the remaining journey.
All our publications are informative, so in no case should they be followed as investment advice.