Axie Infinity Price Up 38.41% – Time To Buy AXS Coin?
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Axie Infinity has revolutionized the gaming industry as we know it. The blockchain protocol has established itself as the de facto gaming platform for the unfolding Web 3.0 interface. Also, its 538.94% gains in the last month have seen several investors pushing to buy AXS on exchanges. The crypto asset has largely performed better than several top cryptocurrencies. AXS parabolic increase over the last 24 hours has drawn the attention of crypto enthusiasts once more.
Axie Infinity: Merging Blockchain Enthusiasts With Game Lovers
Axie Infinity was developed in 2018 by tech software company Sky Mavis. It has largely made an impact this year due to the ramped interests in blockchain tech and cryptocurrencies as a whole.
On the surface, Axie Infinity is a gaming platform that incorporates blockchain technology. However, the protocol has been able to attract over 200,000 games from hundreds of countries due to the incentivization scheme it runs on. The development team behind the Axie Infinity project built it in a way where users are also the partial custodians of the platform.
This enables gamers to collect, raise, breed, battle, and trade tokenized characters rightly called Axies on the platform’s fast-growing Marketplace. Each Axie is built as a digital collectible or non-fungible token (NFT) and players have to choose from 500 different pairs comprising reptiles, aquatic beings, beast, bird, bug, and plant parts. Also, each part is ranged according to four different rarity scales, namely common, rare, ultra-rare, and legendary.
Each Axie comes with unique strengths and abilities and they face off in 3v3 battles with the winning team getting experience points (XPs). These XPs can be used to upgrade the Axies or evolve their body parts.
Hosted on the Ethereum blockchain, Axie Infinity has become increasingly popular and more gamers from low-economic regions are signing up to play the Pokemon-inspired game. This has seen its governance token AXS surge in value with the digital asset rallying more than 5,000% since the start of the year.
AXS: Blazing The Trail For Market Resurgence
September was a slow month for cryptocurrencies coming on the back of a slight jump in value in August. The lull hit the nascent industry hard with premier digital asset Bitcoin dropping to the lowly $40,000 and dragging the market alongside.
However, the past few days into October has seen interests rekindled in the emerging industry. Bitcoin has characteristically led the market once more but small-cap alternative currencies (altcoins) like AXS have largely stolen the show.
In the last three weeks, AXS has maintained an uptrend in price action and averaged 538.94% in value with more users onboarding by the day. Today’s gains reflect the change in the digital asset’s course at the tail-end of September when it dipped to $50.35 as the bears bore hard on the crypto market.
At press time, AXS is up 38.41% and is trading at $148.96. Weekly gains are also promising and this stands at 127.64%. Although many investors will count this as a bad time to buy AXS, the digital asset has been known to make significant gains in hours and this price action is expected to go higher.
AXS Technical and Fundamental Analysis
Turning to AXS’ technical and fundamental analysis, we gain more insight into its parabolic increase. AXS is making a significant uptrend above the 20-day moving average (MA) support price of $77.71. This bullish uptrend reflects growing market confidence and shows that investors want to buy AXS.
The relative strength index (RSI) figure that trades at the overbought region of 84.88 confirms this. Axie Infinity’s gains are not only tied to the crypto market’s resurgence. The blockchain gaming platform recently launched a staking program for its native token AXS. This is a part of the protocol’s plans to give voting rights and allow users to influence the decisions of the protocol.
In addition, co-founder of the play-to-earn game Jeff Zirlin recently announced plans to launch a decentralized exchange (DEX) platform where users can trade AXS and secondary protocol token smooth love potion (SLP) on-chain.
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