- The Axie Infinity crypto has witnessed a slight increase in its open interest.
- The AXS crypto price has lost its value by 38.2% in the last year.
Axie Infinity is a blockchain game where players breed, battle, and trade digital pets called Axies. They use AXS tokens for governance and transactions. The game was created by Sky Mavis and has over 10,000 AXS holders. It is popular in developing countries as a source of income.
The Axie Infinity crypto has a total supply of 270.0 Million AXS and the max supply of the crypto is also the same. Moreover, the fully diluted market cap of the crypto is $1.899 Billion and the spot market cap is $961.927 Million.
The ranking of the crypto in the global cryptocurrency market is 66th as per CoinMarketCap and the volume/market cap ratio of the crypto is 6.56%. Additionally, the circulating supply of the crypto is 136.672 Million AXS which is 50.62% of the total supply.
Axie Infinity is built on the Ethereum platform and uses the ERC20 token standard. The volatility of the crypto is relatively high at 5.66% and it has a market cap dominance of 0.04%.
Axie Infinity Crypto Derivatives Analysis
The open interest of the Axie Infinity crypto has witnessed a slight increase of 2.8% in the last 24 hours along with a decline of 40.8% in the derivatives volume. The value of the traded volume for the crypto is $65.82 Million.
The current long/short ratio for the crypto is 1.0105 and the long liquidation for the crypto is only $678.54 while the short liquidation is worth $1.72K. This derivatives data does not show much action in the price.
AXS Crypto Technical Analysis
The structure of the chart is clearly negative, showcasing a downtrend on the weekly chart. It can be seen that the price of the crypto is moving with formations of lower highs and lower lows. This behavior of the crypto is dragging the price to lower levels.
AXS/USD Chart by TradingView
The price of the crypto can be seen falling to lower levels, which has resulted in the price dropping below the 20-day and the 50-day EMAs. Despite this, the price of the crypto is still above the 200-day EMA.
If the price of the crypto manages to break above the 50-day EMA, we might witness a slight increase in the price. However, if the price drops below the 200-day EMA, a further decline in the price can be seen.
The MACD is also giving a strong sell signal as it is situated below the zero level. Also, the MACD line is above the signal line, indicating a strong downtrend.
The RSI has been consistently slipping from the overbought zone and has declined to a level of 41.61, and it is situated below the 14-day SMA.
Summary
The AXS crypto is losing value due to high volatility and low demand. The token is facing strong resistance at the higher levels. The technical indicators are bearish and the price is below the 50-day EMA. The open interest and the volume are also declining.
This data indicates the possibility of further declines in the price of the Axie Infinity crypto.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.