Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
TA: AXS Hit a Record High. What Should Investors Expect?
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The past week was an impressive one for Axie Infinity (AXS). First, the coin broke significant ground, allowing investors to reap even more.
However, many investors tend to get fearful when market prices start to rise. Even though the money’s good, no one wants to be alone if things go wrong. So, the question is whether this rally will last.
Coming Off a Long Line of Gains
The crypto market has had an exciting run in 2021 for sure. Coin prices have shaken significantly this year, especially when the downturn hit. In these downtimes, many investors tend to turn to safe-haven assets for their protection. AXS was one of these assets.
AXS is the token for Axie Infinity – a non-fungible token (NFT)-based game. Here, players breed “Axis” and battle them against one another. Each Axie is an NFT, and players can sell theirs for money. Axie Infinity has an in-app marketplace and a simple commercial system that allows players to engage in transactions.
The Axie Infinity game has Smooth Love Potions (SLP) and Axie Infinity Shards (AXS). The latter is the network’s native token, and it is the medium for settling most transactions in the ecosystem. But, of course, this isn’t to say that the SLPs don’t have some value.
Axie Infinity became popular due to the rise in NFTs’ popularity. More people were getting into NFTs, and some were also fascinated by how a game could incorporate them. Before the market downturn hit, AXS was riding an all-time high of $10.59. Eleven after the downturn hit, it only dropped as low as $1.75.
Of course, such a drop was pretty bad. It is compared much worse when you consider how other large-cap coins did. An 83.4 percent drop is never good news.
The difference, however, is that AXS didn’t stay down for so long. By July, the coin had crossed its previous all-time high and was on a rocket ship. By comparison, other large-cap coins have yet to cross their pre-downturn highs even till now. Only a few exceptions have pulled this off – including SOL and ADA. But, the broader market remains very much down.
Ever since AXS took its jump above its previous high, it’s been a parade of gains for the coin. As a result, it has gotten itself on some of the top exchanges, including Binance and Coinbase. This means that investors can easily purchase it and add it to their portfolios.
There were also reports of Axie Infinity helping people to earn sizable incomes. People could buy and trade their Axies and earn money, making a decent living. This is even though some governments had decided to impose taxes on their incomes.
From all angles, Axie Infinity was doing incredibly well. Yet, at the same time, it was a period of a massive expansion for the AXS coin. In July, the coin’s price rose by 577 percent. In August, the gains clocked in at 88 percent. As for September, the rise came in at 53.9 percent.
Breaking All Previous Highs
Over the past few days, AXS has been on a roll. First, the coin’s price blitzed through expectations as a spate of announcements helped it to cross all its former bounds.
The first announcement came on Tuesday when Axie Infinity’s developers launched a staking program.
“Today, we’re delighted to announce the launch of our AXS staking program! This is an important step towards our long-term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement,” the company’s announcement read.
With staking, holders will be able to lock their AXS and earn more as rewards. Axie Infinity confirmed that they would ensure to distribute earning opportunities to all AXS holders. They pointed out that the initial tips will come from a token pool. The company had set aside this pool to encourage investors to lock their AXS. Over the next few months and years, stakers will be able to partake in ecosystem governance.
Reports also confirmed that Axie Infinity would be launching a decentralized exchange (DEX). Speaking to reporters, the company said that its DEX would facilitate more seamless asset trading with its ecosystem. In addition, the DEX should also help to keep users playing Axie Infinity. Since it will help them move their tokens off the platform, they have more incentive to play.
The launch of the AXS staking program came with a massive airdrop of AXS tokens. Beneficiaries have been all over social media, thanking Axie Infinity for the airdrop. Axie Infinity shared the tokens among 10,000 users, distributing millions.
Analysis: What’s Next for AXS?
For now, it’s a fight for growth. The Axie Infinity ecosystem has grown significantly over the past month. They will like to keep that going.
As for AXS, everything is looking up for now. The coin’s performance has taken it well above its moving average (MA) indicators. Its 10-day MA is $90.47, while its 200-day MA is $29.23. Throw that against its price of $144.87, and you’ll see that AXS is in an excellent position.
AXS also has a positive moving average convergence divergence (MACD). So, investors can buy comfortably for now.
The only challenge for AXS is its relative strength index (RSI), which stands at over 80. This shows that the coin is overbought, although it’s not a surprise. Nevertheless, investors have seen its performance recently and are trooping in to buy the currency.
Axs
Axie Infinity
$4,6
price
price
2.96794%
price change
Regardless of the rising RSI, AXS looks like a good pick-up right now. The coin is doing impressive numbers, and investors can be more confident to step in.
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