Home
News
- Ronin network is going to expand to delegated proof of stake and expand beyond Axie Infinity IP
- Technical indicators of AXS are currently favoring a consolidated trends. It has seen a drop of 1.45% in the intraday session
Axie Infinity is a blockchain-based gaming platform that has taken the world by storm. It was built by Sky Mavis in 2018. AXS involves players breeding, battling, and trading creatures known as Axies. The creatures in the game are unique, with different traits and abilities, and players can collect them and use them to compete against other players. It is growing increasingly popular with a large community and can see strong growth. AXS has an ROI of 8181% which has benefitted various investors. Axie Infinity was among the first to introduce “Play To Earn” Web 3 games in the past. Ronin is currently in the race with Ethereum and is ready to expand to delegated proof of stake. Various analysts are expecting strong growth in the asset price in the future.
AXS has a market cap of $960 Million with 43% of its supply circulating in the market. The volume of the asset price has seen a gain of 5% in the intraday session. The volume to market cap ratio of AXS suggests a consolidated trend in price.
AXS Consolidating Continues
The weekly technical chart of the AXS suggests a consolidated trend in price. AXS asset price is currently seeing a strong consolidation in the daily chart. It is trading near the value of $8.29 with a drop of 1% in the intraday session. Resistance of AXS can be seen near the value of $12.Meanwhile, the support of the asset price can be seen near the value of $6.It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the daily chart which can push the asset price to a new low in the future.
RSI of the AXS is near 50 suggesting its presence in the neutral zone. There is no negative slope in RSI hinting towards a consolidated trend.
Conclusion
AXS has been trading in a consolidated trend for a long time. It may see a strong upside momentum in near future as per various analysts.
Technical Levels
Major Support: $6
Major Resistance: $12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
