Axie Infinity Price Up 7.98% – Time to Buy AXS Coin?
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It’s natural if you’re looking to buy AXS at this point. The coin has had solid performances for a while now, and its 24-hour price is one of the highest among large-cap coins. Can you still turn a profit if you buy AXS now? Let’s look into the asset and the numbers behind its price.
Axie Infinity: Crypto’s Latest Buzzing Game
Axie Infinity is the latest hype train in crypto. It is a non-fungible token (NFT) game that is built on the Ethereum blockchain and has made a lot of people rich.
Available on mobile and PC platforms, Axie Infinity is a virtual game that looks significantly like the famous Pokémon game. Here. you get three creatures – called “Axies” – that you can breed and grow. Then, you battle the creatures against other players’ Axis or those controlled by the system.
Axie Infinity differs from other blockchain games because it incorporates NFTs into the mix. Every Axie is an NFT, and you can sell it to other players in Axie Infinity’s in-app marketplace.
Aie Infinity has two tokens – Small Love Potions (SLP) and Axie Infinity Shards (AXS). SLPS are earned by players, and they can cash out of these coins too. However, AXS is the governance token for Axie Infinity. People can earn or buy ASX to vote on platform upgrades and more within the ecosystem.
AXS: Coin Market Position
AXS has had an incredible year. The asset started 2021 trading at $0.63, and its popularity grew thanks to the increased adoption of NFTs. Soon enough, many started to buy AXS, causing the coin’s price to balloon to $11.20. The downturn dragged AXS down to $1,.77, but the coin soon saw a significant jump as the market started to consolidate.
From July to date, the AXS price has jumped by 1,790 percent. The coin’s current price of $76.79 marks a jump of 7.98 percent in the past day and 15.74 percent in the past week.
AXS holds the 30th position on the CoinMarketCap rankings. The coin has a market cap of $4.68 billion, which is a jump of 7.84 percent in 24 hours. Its 24-hour trading volumes have risen by 72.39 percent to $1.03 billion, while its circulating supply is 60.9 million AXS.
AXS: Coin Price Analysis
Looking at the technical front, AXS is trading above all of its moving average (MA) indicators – from the 10-day MA of $65.86 to the 200-day MA of $27. Its moving average convergence divergence (MACD) is positive, so the coin is showing a buy signal.
With a relative strength (RSI) of 60.46, there’s no reason not to buy AXS right now. The asset has strong technicals and is still relatively underbought.
Fundamentals are also looking strong for AXS. Axie Infinity announced this week that it had launched a staking program, allowing people to buy AXS and stake it.
“Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens,” the Axie Infinity team said in its announcement. Players will be able to earn AXS as rewards for staking, with the team also looking to give voting rights to stakers.
Staking has become an important part of crypto culture today, and Axie Infinity can grow significantly by tapping into that.
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