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- 1 AXS coin price rose after being in a downtrend for a long time.
- 2 The exponential moving averages show signs of a bullish crossover.
- 3 The current price of AXS is trading near the immediate resistance level.
The performance of Axie Infinity (AXS) in the current cycle of 2023 has been disappointing. The bulls failed to break through multiple attempts which ended up erasing all the profits made by investors during the last price surge. Additionally, the bears show their strength reclaiming resistance, further contributing to the down-the-drain movement.
Play to Earn and Axie Infinity
Crypto gaming projects that allow players to earn money, known as play-to-earn (P2E) games, have been around for some time. They offer great potential for investors and users to make significant profits. Just like AXS where users control Pokemon lookalike creatures, called Axies.
Axie Infinity was a game-changer in this space but its recent decline in value after reaching its peak in 2021 has sparked concerns. Investors are worried about the profitability of crypto investments. Despite the recent decline in the value of AXS, it still holds a significant place in the NFT and P2E gaming industry in the crypto world.
AXS has gained popularity as one of the top GameFi tokens, and its influence on the industry cannot be ignored. However, many are currently analyzing Axie Infinity’s price prediction to determine if it’s still worth investing in. Additionally, in the short timeframe, the AXS coin has been on the rise since the end of October.
Prediction of AXS Coin Price
As the downtrend has perished, the AXS coin price is on the rise. Some investors saw this opportunity and decided to go long in the token as the buy volumes were up.
Moreover, the exponential moving averages show signs of a bullish crossover. The 50-day EMA is at $5.46 while the 150-day EMA is at $5.58 on the verge of making a bullish crossover.
The resistance and support levels are showing some interesting highlights of the possible action in the future. The immediate resistance is on the $6.62 level and if the bears reclaim this one, then the price will return to its immediate support of $5.26. The second resistance is at $8.05 and the support is at $4.12.
The price prediction on the current scenario will be bullish for the short term. Keeping the immediate resistance level as a hurdle, some buying can be made. If the bulls can overcome this price level, then a trend reversal can be seen.
Conclusion
AXS has gained popularity as one of the top GameFi tokens. It is a play-to-earn game where users control Pokemon lookalike creatures, called Axies. The current price is in an uptrend and the prediction is bullish.
Technical Levels
- Support Levels: $5.26 and $4.12
- Resistance Levels: $6.62 and $8.05
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
