Axie Infinity Down By 10.49% – Time To Buy AXS?
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Investors who want to buy AXS now are likely those who have had the cryptocurrency on their radar. This is no surprise as the asset declined over the past 24 hours giving investors room to lock in at a low price. Fans of the non-fungible tokens (NFTs) scene would also be keen on investing in Axie Infinity as the network is a major player in this crypto sub-sector.
Axie Infinity: Popular Marketplace For Online Games
Axie Infinity is a blockchain-based game that is built on the Ethereum blockchain. Axie Infinity was developed in 2018 by a tech-focused developer called Sky Mavis.
The Axie protocol was inspired by the famous Cryptokitties. The platform uses the popular free-to-play model where players can earn income through raising, breeding, battling, and trading digital creatures called Axies.
The native token of the Axie Infinity platform is AXS or Axie Infinity Shards. The tokens are used by holders to participate in the governance matters of the protocol. AXS tokenholders can decide what happens in the protocol, including how funds in the Axie Community Treasury are spent.
AXS is an ERC-20 token secured by Ethereum’s proof-of-work (POW) consensus mechanism.
Axie Infinity was initially launched on the Loom Network, a sidechain that runs on the Plasma scaling solution on Ethereum. However, Axie migrated earlier this year to a custom-built sidechain on Ethereum known as Ronin. Ronin is designed to support almost instant transaction confirmations and reduced gas fees, among others.
AXS Price Set To Continue Breaking Records
With a market capitalization of about $4.2 billion, AXS ranks among the top 35 most valuable cryptocurrencies on the market.
The token has come a long way from the $0.596 price it started the year with. It hit the $1 mark for the first time when it traded at $1.74 on February 13 and has since grown remarkably well.
As of yesterday, August 17, the AXS token was trading at an all-time high price of $81.95. However, the asset is down by 10.49% in the last 24 hours and is trading at $69.94.
Investors who want to buy AXS should not be deterred by the recent decline. The coin has grown by 272.5% in the past month and would continue to rise thanks to the relevant role the Axie Infinity network plays in the NFT sector.
AXS Technical And Fundamental Analysis
AXS currently has some strong technicals on the trading chart. The asset’s relative strength index (RSI) stands at 58.89, meaning that it is heading to the overbought zone.
AXS token’s long-term potential is looking bullish as the 200-day moving average (MA) support price is pegged at $71.02. This means that although the asset is down at the moment, it would rally again. Investors might want to take advantage of this and buy AXS now.
Market experts expect that AXS will continue its uptrend. Analysts at Digitalcoin, believe the AXS token will trade at $116.06 next year and $223.79 by 2026. Prediction website Wallet Investor also puts its figure at $109.754 next year and $273.722 in five years’ time.
The surge in the price of AXS has been attributed to the sudden spike in the Axie Infinity network’s user base. The network’s developer announced earlier this month that Axie had surpassed one million daily active users (DAU) on its platform.