Axie Infinity (AXS) is one of the most exciting crypto protocols in the blockchain space. The Vietnamese-based crypto protocol has garnered a lot of media attention, given its phenomenal growth in the past few months.
At press time, the Ethereum-based token is up 22.15% and currently trades at $49.3018.
AXS Price Analysis
AXS’s current trend is clearly bullish, with the digital asset trading well above the 20-day moving average (MA) support price of $25.2620.
With the bulls seizing the market this past weekend, AXS will likely reach a new resistance at the $100 range and find support at $50 in the coming weeks.
This idea is reinforced by market and buying support which points to a continued uptrend in the long term.
Market signals show a positive price action, indicating a buy for AXS token.
Furthermore, the growing market sentiment could see AXS hit the $65 mark before the week runs out.
But could AXS price bottom out afterward and drop to a new support level of $30?
Anything is possible right now. The network’s growth had been nothing short of phenomenal.
Some analysts have linked AXS popularity to the buzz it generated on social media.
As a play-to-earn gaming platform, Axie Infinity allows users to earn cryptocurrency to exchange for cash.
Players earn cryptocurrencies when they engage in battles, breed, and trade their digital pets. Axie Infinity has been widely accepted in the Philippines, with the Asian nation being one of the highest fan bases for the blockchain platform.
Axie Infinity is capitalizing on the growing frenzy surrounding its protocol.
The adoption of @AxieInfinity infinity appears to be going exponential
350k Daily Active Players
Highest 7 day protocol revenue of any dApp
Second most used dApp by user count$AXS marketcap +230% in the past week
Scaled by their Ronin Eth sidechain, allowing for more growth pic.twitter.com/0B3AAUbXuN
— ChainLinkGod.eth 2.0 (@ChainLinkGod) July 7, 2021
Sky Mavis, the development arm of the crypto project, announced the launch of a dedicated server for competitive gameplays.
The blockchain platform has set aside 5,000 AXS tokens for this innovation, currently worth $245,000 at press time.
This is meant to reward successful players. In addition, Axie Infinity plans to start accepting community tournament organizers’ proposals between July 15 and 29.
Where To Buy AXS
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