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Home CRYPTO

$AXS is at a Breaking Point; Can Axie Infinity Stage a Comeback?

Gary Ponce by Gary Ponce
November 22, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Current Status: Axie Infinity ($AXS) is currently valued at over $880 million, with a price of $5.75. While it has experienced a significant decline from its all-time high, recent updates and events like the “Wings of Nightmare” have reinvigorated community interest.
  • Technical Analysis: After consolidating in a range for four months, $AXS recently tested the upper resistance level. Analysts are optimistic about a potential breakout to $6.85 if momentum holds. However, a lack of buying pressure or a market downturn could keep the price range-bound.
  • Future Outlook: Despite past challenges, Axie Infinity’s ongoing updates and community-focused initiatives position it for a potential resurgence. As Web3 gaming continues to grow, the platform aims to recapture its momentum and achieve new milestones.

Axie Infinity

Axie Infinity ($AXS), developed by Sky Mavis, has gained global attention for its pioneering blend of gaming, collectibles, and DeFi. Launched in 2018, the blockchain-based game allows players to collect, breed, and battle digital creatures called Axies.

Price Movements

Currently valued at over $880 million, with a price of $5.75, the project has experienced modest gains over the past week, month, and year. However, it has also seen a significant decline from its all-time high of around $160, losing over 95% of its value.

Credit: CoinGecko

Technical Analysis

From a technical perspective, for over four months, $AXS has been consolidating in the $4.25-$5.75 range. However, recently, the price tested the upper resistance level for the first time since July, sparking analyst optimism for a potential breakout. If momentum holds and broader market conditions remain stable, analyst predict $6.85 as the potential target for this move. However, a lack of sustained buying pressure or a market-wide downturn could keep the price range-bound.

Market Sentiment and Developments

Investor confidence in Axie Infinity has been somewhat stagnant, but recent updates, including new features, game modes, and breeding mechanics, are reinvigorating interest. In addition to this, the launch of its in-game event, Wings of Nightmare, on November 21 has excited the community and drawn participation. Overall, with renewed focus on enhancing the gaming experience, Axie Infinity is leveraging its established reputation to remain relevant as Web3 gaming gains traction.

Future Outlook

While Axie Infinity has faced challenges sustaining its earlier success, its ongoing updates and community-focused initiatives position it for a potential resurgence. So, as it refines its offerings, the platform may recapture its former momentum and push toward new milestones in the evolving blockchain gaming space.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: $AXSAxiesAxis InfinityDeFiSky MavisWings of Nightmare
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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