- AXS crypto price is following an uptrend on the daily chart.
- Axie Infinity crypto is trading 4,900% above its all-time low price.
Axie Infinity Shards (AXS) serve as the governance token for the blockchain game Axie Infinity, created by Sky Mavis. Players use AXS for trading and staking, engaging in activities like breeding and battling digital pets called Axies. The game, launched in 2018, has gained popularity in developing countries as players can earn over $1,000 monthly. AXS, launched in 2020, has surged over 28,000%.
The SUI crypto has witnessed an advance of 15.52% in the spot trading volume, following an advance of 3.04% in the market cap. It has resulted in a market cap value of $887.322M and a ranking of #57 as per CoinmarketCap.
The circulating supply of the AXS crypto is relatively less when compared with the total supply. Following this, the current circulating supply of the AXS crypto is 142.271M AXS, which is 52.69% of the max supply resulting in 270.0 Million AXS crypto.
Derivatives trading volume for the Axie Infinity has declined by 7.54%. Following this, the open interest has advanced by 14.17%.
AXS Crypto Technical Analysis
On the weekly charts the AXS crypto price is following a strong downtrend. The price has lost its value by more than 95%. This shows that the sellers are strongly dominating the price.
In the daily timeframe, AXS cryptocurrency has broken out above a falling wedge pattern, indicating a bullish reversal. The price trend reverse the formation of higher highs, signaling increased buying momentum. This breakout suggests a positive trajectory for AXS, potentially attracting further market interest and upward movement in its price.
The AXS crypto is following a strong uptrend and has advanced above the 50-day and the 200-day EMA.
The RSI on the daily charts is trading above the overbought zones and the 14-day SMA has also advanced to the same level.
Conclusion
AXS cryptocurrency exhibits a bullish reversal on the daily timeframe, breaking a falling wedge pattern, forming higher highs, and signaling increased buying momentum. With a strong uptrend surpassing the 50-day and 200-day EMAs, despite a weekly downtrend and 95% value loss, AXS attracts interest with a 15.52% spot trading volume increase, $887.322M market cap, and a 52.69% circulating supply. Derivatives trading volume decline is countered by a 14.17% open interest increase, supporting a bullish outlook.
Technical Levels
- Support levels- $4.00 and $6.00
- Resistance levels- $9.50 and $12.60
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.