Axie Infinity Is up by 6.44% – Time to Buy Axs?

• Axie Infinity Launches Card Battle Game Origin: Time to buy AXS?
• BTCS Adds Axie Infinity to its Blockchain
• Axie Infinity Bridge Theft: Binance Recovers $5.8 Million

Axie Infinity saw a surge in its price amidst the downtrend in the general crypto market. Is this a good time for investors to buy AXS and keep it for the long term?

Essentially, Axie Infinity is a non-fungible token (NFT) game based on the Ethereum blockchain and inspired by Pokémon legend. Axies are attractive fantasy animals that players may acquire, raise, fight, and trade as digital pets.

Axie Infinity describes itself as a “pay to earn” game. On the game’s NFT marketplace, players can trade Axies, in-game real estate, and accessories like flowers or barrels while also receiving tokens.

Axie Infinity Launches Card Battle Game Origin: Time to buy AXS?

The unveiling of Axie Infinity Origin, a free card fight, was a much-anticipated event in the community. As a result, the debut of Origin has reinforced an upbeat investor narrative.

With the announcement of the Origin launch, the price of Axie Infinity is on pace to recover from its recent drop. Because it gives players free access to card battles, the community has anticipated the Origin debut for weeks.

The debut of Origin has boosted Axie Infinity’s active users to 413,589, a significant increase over the previous week. This increase is as a result of the Axie Infinity crew scheduling one of the largest combat cards in NFT gaming history.

Origin offers several community-building activities, such as 24-hour live broadcasts in 12 languages, and professionally-cast esports games.

BTCS Adds Axie Infinity to its Blockchain

Axie Infinity has been added to the blockchain infrastructure operations of BTCS Inc., a blockchain technology company.

BTCS has finished the technical work required to run an Axie Infinity validator node and plans to include it in its Staking-as-a-Service platform. Special intellectual property, technical know-how, and frequent maintenance are part of the blockchain validation process.

In addition, BTCS has staked 28,794 AXS and is reaping the benefits of compounding. Validator node operators impose a fee on users’ staked asset rewards and earn an APY on staked coins. In contrast, staking allows users to receive an annual percentage yield (APY) on their staked assets.

Axie Infinity Bridge Theft: Binance Recovers $5.8 Million

According to a tweet by Binance CEO Changpeng Zhao, a portion of the $622 million stolen last month from Sky Mavis’ Ethereum sidechain Ronin has been recovered.

According to Zhao, the North Korean hacker organisation behind the crime began distributing some of the wealth on the exchange across over 86 accounts. Zhao confirmed $5.8 million had been retrieved.

The US Treasury added the attacker’s Ethereum wallet to its sanctions list after receiving a tip from the Federal Bureau of Investigation (FBI). The wallet, known as Ronin Bridge Exploiter on Etherscan, was linked to the North Korean hacking group Lazarus, which the FBI described as state-sponsored.

Axie Infinity Technical Analysis

At press time, AXS trades at $23.926, an uptrend of 6.44% in the last 24 hours. However, the digital asset has slumped by 31.64% in the past 7 days and is 86.29% below the all-time high (ATH) of $165.37.

The technical indicators of AXS show that the asset is bearish.

AXS’s Relative Strength Index (RSI) is 33.608. This indicates that AXS is in the underbought zone. As a result, this indication presents an opportunity to buy AXS before it goes into the overbought zone. Buying now presents an opportunity for investors to own the asset and rise when the market consolidates.

Furthermore, AXS is trading below the 50-hour Simple Moving Average (SMA) value of $46.4, which shows the crypto asset is bearish.

The Moving average convergence and divergence (MACD) value also shows a sell signal.

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