Axie Infinity Price Up By 23% – Time To Buy AXS?

Blockchain is radically changing our lives daily. One of the most impacted areas is the booming game industry which has embraced non-fungible tokens (NFTs).

A major player in this fast-paced crypto sub-sector is Pokemon-inspired Axie Infinity. With its native token rising more than 300% it could be the right time to buy AXS.

Axie Infinity: Pokemon-Inspired NFT Universe

Occupying the 57th position on the global crypto ranks, it is easy for many investors to write off Axie Infinity.

But if you put your ears to the ground, you will know that Axie Infinity is much more than a blockchain platform. It’s a vibrant ecosystem that has attracted some of the world’s top gamers and has a growing community.

It has been able to marry blockchain and gaming by representing the distributed computing system in a fun way for users. It is basically a play-to-earn crypto platform running on the Ethereum network.

Axie Infinity allows users to earn its Axie Infinity Shard (AXS) tokens and Smooth Love Potion (SL) when they breed, raise, and battle other Axies in the protocol. Like the first successful NFTs by Dapper Labs CryptoKitties, Axies are cute digital pets, and each one is unique and non-fungible.

These digital pets can take several forms, and the platform currently offers over 500 different body parts.
Users can choose between beast, bird, bug, aquatic, plant, and reptile parts, and they can choose between common, rare, ultra-rare, and legendary.

Each Axie has its unique strengths and weaknesses, and players can team up to gain more experience points by battling other teams.

These points are used to level up the stats of the Axie and improve their performance. Also, Axies can be bred to create new offspring that can be sold on the Axie Marketplace.

Axie Infinity was birthed a year after CryptoKitties in 2018 by game developer Sky Mavis.

Its AXS tokens are used for governance votes and payment settlements on the AXS ecosystem.

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AXS: Ending July On A High

Like we mentioned earlier, AXS is one of the hottest blockchain-based battling and breeding games assets, and this is due to its impressive revenue stream.

Axie generated more revenue in June than popular decentralized exchanges (DEXs) like UniSwap and Aave, per data from news outlet.

This shows that more investors are looking to buy AXS due to its growth potential. This is especially true after AXS surged from $4.45 on June 15 to hit a record $28.61 on July 15.

This was despite the downturn in the general crypto market. However, it soon dipped to $14.27 on July 20.

But the digital asset is not ready to throw in the towel yet and has rallied 23.95% and trades at $22.8471 at press time. With a clear bullish trend reflecting on the trading charts, this might be a great time to buy AXS.

AXS Technical And Fundamental Analysis

Turning to its technical performance, AXS is trading above the 20-day moving average (MA) support price of $16.80771, indicating a bull market.

Its relative strength index (RSI) is trading close to the overbought region at 66.97.

A strong RSI indicates the growing market confidence surrounding the digital asset making this a great time to buy AXS.

Market analysts are also bullish on the token, with Wallet Investor predicting a one-year increase to $33.311 while its five-year forecast is put at $98.721.

Digitalcoin puts its four-year forecast at a conservative $63.5. Meanwhile, Axie Infinity is slowly expanding its ecosystem. According to an announcement, Axie will now be supporting Esports competition and has dedicated over 5,000 as prize money for community tournaments to be held this year.

Adding to this, top Latin American cryptocurrency exchange Ripio has added support for AXS and SLP tokens on its platform.

Per a tweet made public by the Bitcoin exchange, this decision stemmed from the growing market demand and popularity of the Axie Infinity game.

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