Sepoy-logo
No Result
View All Result
Tuesday, February 7, 2023
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
No Result
View All Result
SEPOY.NET
No Result
View All Result
Home Crypto

Why is Axie Infinity’s AXS up 25%?

Nicholas by Nicholas
December 5, 2022
in Crypto
0
Why is Axie Infinity’s AXS up 25%?

Each increase of several tens of percent for a cryptocurrency denotes particularly in this gloomy context for the market. This Monday, the AXS token of Axie Infinity printed an increase of more than 25%. How to explain it and what to expect in the next few days?

READ ALSO

[CHAINALYSIS PODCAST EPISODE 42] The Chainalysis 2023 Crypto Crime Report Preview (Part 2 of 2)

Inflation in Argentina: a new 2000 peso note had to be created

Pourquoi le AXS de Axie Infinity est-il en hausse de 25 % ?

Axie Infinity’s AXS on the Rise

At the start of December, one cryptocurrency stands out in particular: the AXS from Axie Infinity. Indeed, the price of the token has printed a nice upward progression of more than 25% within a day and trading for $8.5 at the time of this writing.

AXS Axie Infinity up 25%

Axie Infinity (AXS) Token Price Rise

As a reminder, Axie Infinity is a Play-To-Earn type blockchain game, developed by the Sky Mavis studio. The token is used as in-game currencyto breed small creatures based on non-fungible token (NFT) technology.

But then, how to explain such an increase? From a fundamental point of view, the game is experiencing a significant drop in its number of users. According to data from CryptoSlam, Axie Infinity spawned $1.5 million in sales volumes for about 21,000 players in November 2022, compared to almost $800 million and 500,000 players in the same period in 2021.

However, the Axie Infinity team remains very active and announced that the objective of the year 2022 was to work on the decentralization of the game. On this December 5, 2022, the team announced the launch of the Axie Contributor programin which 700 active members were selected to decide the future evolutions of the game.

👉 Our guide to understanding everything about NFTs in a few minutes

Buy NFTs on Binance

Discover Binance’s NFT Marketplace 🔥

toaster icon

Axie Infinity AXS Technical Analysis

Since its peak at 166 dollars in November 2021, the price of the AXS token has been in a downward trend, until reaching a low point around 4 dollars in November 2022. This fall took place within a relatively long-term falling channelobservable in weekly candles:

bearish channel AXS

Price evolution of the AXS of Axie Infinity in a bearish channel

AXS price fell to a low of around $4 in early November, marking a wick below the channel. However, the price rebounded strongly and came validate the resistance line of the channel. This kind of wicks are often due to strong buying pressures.

As of this writing, with the current weekly candle, the price faces a first resistance around 9 dollars materialized both by the middle of the channel and by an old resistance having prevailed during the previous bullish leg of the AXS.

The next few days will be decisive for the AXS: if the price comes to break the resistance from aboveit is very likely that we will return to test the top of the channel and the next resistance around around 13 dollars. If not, then the price should find the bottom of the downtrend channel and mark a new low.

In the short term, caution remains in order. Recall that the time scale is of the order of the week, and that such a bullish movement is often followed by punctual corrections by a few percent, even during a bullish breakout.

👉 Find Vincent Ganne’s technical analyzes daily in our private group

Vincent Ganne analyzes the crypto markets every day on our Premium group

toaster icon

Sources: CryptoSlam, Axie Infinity press release, TradingView

Newsletter 🍞

Receive a summary of crypto news every Monday by email 👌

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To go further, read our Financial Situation, Media Transparency and Legal Notices pages.

author profile picture

Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.

Lilian Aliaga

295 items

Related Posts

[CHAINALYSIS PODCAST EPISODE 42] The Chainalysis 2023 Crypto Crime Report Preview (Part 2 of 2)
Crypto

[CHAINALYSIS PODCAST EPISODE 42] The Chainalysis 2023 Crypto Crime Report Preview (Part 2 of 2)

February 7, 2023
Inflation in Argentina: a new 2000 peso note had to be created
Crypto

Inflation in Argentina: a new 2000 peso note had to be created

February 7, 2023
Russian Crypto Mining Expands as Others Capitulate
Crypto

Russian Crypto Mining Expands as Others Capitulate

February 6, 2023
Louis Vuitton partners with Yayoi Kusama and launches a collection of NFTs
Crypto

Louis Vuitton partners with Yayoi Kusama and launches a collection of NFTs

February 6, 2023
Artificial Intelligence (AI): the new cryptocurrency trend in 2023?
Crypto

Artificial Intelligence (AI): the new cryptocurrency trend in 2023?

February 6, 2023
MNBC Airdrop: Chinese Cities Distribute .55 Million in Digital Yuan
Crypto

MNBC Airdrop: Chinese Cities Distribute $26.55 Million in Digital Yuan

February 6, 2023
Next Post
Study explores histopathological, serological, and clinical characteristics of PASC in patients with mild COVID-19

Study explores histopathological, serological, and clinical characteristics of PASC in patients with mild COVID-19

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Roblox Is Unbreakable Trello Is this safe?

Roblox Is Unbreakable Trello Is this safe?

November 4, 2022
Discord Registered Games  Discord Registered Gaming You need to join the Club

Discord Registered Games Discord Registered Gaming You need to join the Club

November 4, 2022
How To Chose the Right Data Analytics Program

How To Chose the Right Data Analytics Program

November 4, 2022
Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

November 4, 2022
Heavy explosion on market square in Halle – three injured

Heavy explosion on market square in Halle – three injured

November 4, 2022

EDITOR'S PICK

Do Vitamin D Supplements Help Prevent Diabetes?

May 27, 2022
Read the best with F+: Great real estate and cold-hearted parents

Read the best with F+: Great real estate and cold-hearted parents

November 19, 2022

No, Armie Hammer Isn’t Working as a Hotel Concierge in the Caymans

July 6, 2022

Westland partners with American association for equipment, event rental coverage

October 6, 2022

About

Sepoy.net is a perfect place for people who want daily updates on news related to business, technology, entertainment, health, cryptocurrency etc.

Contact: [email protected]

Major Categories

News

Business

Tech

Economy

 

Recent Posts

  • Is Playing With Lighted Keys Going To Make Me A Better Player? 
  • Putting Money into Gold: Is It Your Best Option for A Gold Investment?
  • Get to All the Top Attraction in Munich With 8Rental Bus Rental Services

Pages

  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Home
  • Privacy Policy

© 2023 Sepoy.net

No Result
View All Result
  • Home
  • Business
  • News
  • Health
  • Tech
  • Science
  • Lifestyle
  • Travel

© 2023 Sepoy.net