Roo's All-In Giveaway, $300,000 in Prizes

TA: AXS Hit a Record High. What Should Investors Expect?

The past week was an impressive one for Axie Infinity (AXS). First, the coin broke significant ground, allowing investors to reap even more.

However, many investors tend to get fearful when market prices start to rise. Even though the money’s good, no one wants to be alone if things go wrong. So, the question is whether this rally will last.

Coming Off a Long Line of Gains

The crypto market has had an exciting run in 2021 for sure. Coin prices have shaken significantly this year, especially when the downturn hit. In these downtimes, many investors tend to turn to safe-haven assets for their protection. AXS was one of these assets.

AXS is the token for Axie Infinity – a non-fungible token (NFT)-based game. Here, players breed “Axis” and battle them against one another. Each Axie is an NFT, and players can sell theirs for money. Axie Infinity has an in-app marketplace and a simple commercial system that allows players to engage in transactions.

The Axie Infinity game has Smooth Love Potions (SLP) and Axie Infinity Shards (AXS). The latter is the network’s native token, and it is the medium for settling most transactions in the ecosystem. But, of course, this isn’t to say that the SLPs don’t have some value.

Axie Infinity became popular due to the rise in NFTs’ popularity. More people were getting into NFTs, and some were also fascinated by how a game could incorporate them. Before the market downturn hit, AXS was riding an all-time high of $10.59. Eleven after the downturn hit, it only dropped as low as $1.75.

Of course, such a drop was pretty bad. It is compared much worse when you consider how other large-cap coins did. An 83.4 percent drop is never good news.

The difference, however, is that AXS didn’t stay down for so long. By July, the coin had crossed its previous all-time high and was on a rocket ship. By comparison, other large-cap coins have yet to cross their pre-downturn highs even till now. Only a few exceptions have pulled this off – including SOL and ADA. But, the broader market remains very much down.

Source: Trade View
Source: Trade View

Ever since AXS took its jump above its previous high, it’s been a parade of gains for the coin. As a result, it has gotten itself on some of the top exchanges, including Binance and Coinbase. This means that investors can easily purchase it and add it to their portfolios.

There were also reports of Axie Infinity helping people to earn sizable incomes. People could buy and trade their Axies and earn money, making a decent living. This is even though some governments had decided to impose taxes on their incomes.

From all angles, Axie Infinity was doing incredibly well. Yet, at the same time, it was a period of a massive expansion for the AXS coin. In July, the coin’s price rose by 577 percent. In August, the gains clocked in at 88 percent. As for September, the rise came in at 53.9 percent.

Breaking All Previous Highs

Over the past few days, AXS has been on a roll. First, the coin’s price blitzed through expectations as a spate of announcements helped it to cross all its former bounds.

The first announcement came on Tuesday when Axie Infinity’s developers launched a staking program.

“Today, we’re delighted to announce the launch of our AXS staking program! This is an important step towards our long-term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement,” the company’s announcement read.

With staking, holders will be able to lock their AXS and earn more as rewards. Axie Infinity confirmed that they would ensure to distribute earning opportunities to all AXS holders. They pointed out that the initial tips will come from a token pool. The company had set aside this pool to encourage investors to lock their AXS. Over the next few months and years, stakers will be able to partake in ecosystem governance.

Reports also confirmed that Axie Infinity would be launching a decentralized exchange (DEX). Speaking to reporters, the company said that its DEX would facilitate more seamless asset trading with its ecosystem. In addition, the DEX should also help to keep users playing Axie Infinity. Since it will help them move their tokens off the platform, they have more incentive to play.

The launch of the AXS staking program came with a massive airdrop of AXS tokens. Beneficiaries have been all over social media, thanking Axie Infinity for the airdrop. Axie Infinity shared the tokens among 10,000 users, distributing millions.

Analysis: What’s Next for AXS?

For now, it’s a fight for growth. The Axie Infinity ecosystem has grown significantly over the past month. They will like to keep that going.

As for AXS, everything is looking up for now. The coin’s performance has taken it well above its moving average (MA) indicators. Its 10-day MA is $90.47, while its 200-day MA is $29.23. Throw that against its price of $144.87, and you’ll see that AXS is in an excellent position.

Source: Trade View
Source: Trade View

AXS also has a positive moving average convergence divergence (MACD). So, investors can buy comfortably for now.

Source: Trade View
Source: Trade View

The only challenge for AXS is its relative strength index (RSI), which stands at over 80. This shows that the coin is overbought, although it’s not a surprise. Nevertheless, investors have seen its performance recently and are trooping in to buy the currency.

Source: Trade View
Source: Trade View
Axie Infinity live price
Axie Infinity
price change

Regardless of the rising RSI, AXS looks like a good pick-up right now. The coin is doing impressive numbers, and investors can be more confident to step in.

Stay up to date with our latest articles

More posts

Beyond the Hype: Why Sonorus is More Than Just Another Music Platform

Discover how 200,000 users worldwide are revolutionizing music promotion and sharing in the decentralized landscape. Sonorus' Innovative Approach to Redefine Music in the Digital Age Sonorus stands as more than just a Music Platform; it represents a revolution in the music world. Instead of big corporations dictating the charts, Sonorus shifts the power to the listeners, allowing them to directly influence music rankings. Through nominating tracks and minting Music NFTs, users have a tangible impact. As these tracks ascend the…

MachinaTrader Launches a New Era of Algorithmic Trading with NFT Giveaways and Early Platform Access

MachinaTrader is thrilled to present its final Free NFT Giveaway. This special offer allows users to become part of the MachinaTrader trading community. Participants can expect exclusive perks, lifelong discounts, first-hand access to new features, and more. NFT owners will also get a complimentary wearable for Decentraland and other virtual realms through an airdrop. The platform's early access begins on October 16th, showcasing its advanced features. Seize the Opportunity with MachinaTrader's Trading Community MachinaTrader is offering a last chance with…

Introducing the New and Improved Evertwine: Revamped and Refueled!

Evertwine was well received, not only by their community, but by everyone; from their partners, friends, to content creators. Anyone who interacted with the game had nothing but positive words for it. The community was quite vocal about this. They appreciated and loved Evertwine more than any other aspect of the project, and the team wants to give them the game they can truly enjoy. The game undoubtedly stood out above other aspects of the project in terms of development,…

WMA: Bitcoin Gains $1K in Timid Crypto Market Resurgence

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,06 trillion. Bitcoin increased by around 3% to reach around $26,600. Ethereum maintains its value at around $1,600. XRP lost nearly 1% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector maintains the total value of protocols (TVL) at around $49 billion. Crypto Trends…

Mizar – The Fastest Uniswap Sniper Bot Reveals New, Superior Trading Tools

Mizar is a crypto trading platform specializing in developing trading bots on centralized and decentralized exchanges. It is backed by prestigious industry brands like Nexo, KuCoin, Huobi, and MEXC, and over 20,000 crypto traders use it regularly. In 2023, the team has been diligently developing an impressive new suite of DeFi tools, leading to the launch of D-Mizar, which includes: A research dashboard where to find early investment ideas, analyze tokens' performance, and verify tokens' security. Sniper bots on Uniswap…

Introducing the new and improved Evertwine: revamped & refueled!

Evertwine was well received, not only by our community, but by everyone; from our partners, friends, content creators. Anyone who got in touch with the game, had nothing but positive words for it. You guys were quite vocal about this. You appreciated and loved Evertwine more than any other aspect of our project, and we wan’t to give you the game that you can truly enjoy. The game absolutely stood out above other aspects of the project in terms of…

MetaQuiz: Transforming Digital Learning with AI-Powered Blockchain Rewards

In a rapidly evolving world where technology is shaping every facet of our lives, learning and earning have taken a new form with the emergence of MetaQuiz. This innovative edutainment platform is rewriting the rules of digital learning, and its journey is being steered by the creative minds at MetFi DAO. With a mission to broaden the horizons of knowledge and amplify reward opportunities, MetaQuiz is at the forefront of a transformation that promises to redefine the future of edutainment.…

Phronesis Launches world’s first L1 Blockchain Leveraging AI and the Sophia Protocol

Phronesis, a groundbreaking innovation in the blockchain industry, is revolutionizing transaction-demanding sectors. It aims to reshape the Decentralised Finance (DeFi) and Web3 sectors by harnessing Artificial Intelligence and proprietary consensus technology. Phronesis’ utility can be extended to real-world application solutions in various sectors such as supply chain, gaming, finance, energy, and more. The introduction of Sophia, an AI Statistical Consensus Mechanism, and the Indirect-Low Transaction Fee Management Protocol sets Phronesis apart. With the aim to provide lightning-fast transactions at minimal…

WMA: Bitcoin Stalls at $26K as the Market Continues to Shrink

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,03 trillion. Bitcoin maintains its value at around $25,750. Ethereum dropped by 1% to reach around $1,615. XRP lost nearly 2% in value this week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector maintains the total value of protocols (TVL) at around $49 billion. Crypto Trends 04…

Spot On Chain – Harnessing AI and On-Chain Analytics for Smarter Crypto Investments

The world of cryptocurrency is an enigmatic labyrinth, full of potential yet rife with complexities. How can one traverse this digital terrain with confidence? A recent project, Spot On Chain (SOC), harnesses AI and on-chain analytics to provide a smarter solution to crypto investments. Today, we'll make sure to look into all the features brought together by this team. From Onchain Signals Newsfeed to Blockchain Personal AI Analyst, the project has a wide offer for the everyday crypto user. What…