- Axie Infinity price is hovering above the $6.84 bullish point of interest (POI).
- The moving averages and oscillators suggest the opposite signals in the current phase.
- A decrease of 14.18% has been observed in the AXS price in the last 24 hours.
Created in 2018, Axie Infinity (AXS) is a blockchain-based trading and battling game. The game allows players to collect, breed, raise, battle, and trade token-based creatures called Axies. The ecosystem has a unique native token called Axie Infinity Shards (AXS), which is basically used to participate in key governance. It is an ERC-20 token on the Ethereum blockchain and is secured through a proof of stake (PoS) consensus mechanism.
AXS Crypto Supply Changes, Distribution & Valuation Apr 2024
Axie Infinity has a locked maximum supply of 270 million tokens, of which 143.72 million AXSs are in current circulation. In other words, the cryptocurrency has released 53.23% of tokens in circulation from the maximum supply chain. The current market cap of the cryptocurrency stands at $1.07 Billion.
The market cap is currently ranking under the top 80 most dominant cryptocurrencies. The total diluted valuation of this gaming project is estimated at around $2.01 billion. Crypto is reflecting higher liquidity with a volume-to-market cap ratio of 3.07%, and the 24-hour trading volume has reached $32.66 Million.
The Axie Infinity Shards (AXS) tokens are widely distributed in seven categories. 11% is allocated to public sale, 4% to private sale, 20% remains for play to earn, staking rewards have 29%, the team secures 21%, advisors have 7%, and the remaining 8% is left for the ecosystem fund. The whales own 94.81% of the circulation supply, which reflects the investors’ trust in the cryptocurrency.
Axie Infinity (AXS/USD) Technical Analysis
The current price slipped below the key exponential moving averages, indicating bearish sentiments in technical terms. The 200-day EMA is acting as a dynamic resistance in the current trading phase.
AXS price faced strong resistance from the $13.08 level. Afterward, the price made an opposing move and broke below the $9.06 support level. It fell on the $6.84 key demand zone while following the trendline forming above. The price can reclaim the $13.08 resistance if the price closes above the $10.04 level. On the flip side, a negative rally can be expected below the $5.89 support level.
The relative strength index (RSI) is showing bullish strength in momentum in strength from the oversold area. The RSI and the signal lines had a golden crossover, which can be a shift in momentum.
Summary
The Axie Infinity price has shown massive strength in buying after February 2024. However, the price has been facing some negative drawbacks since March 12, 2024. On the other side, RSI is showing a potential for a bullish reversal. The price can reclaim the $13.08 mark if the price closes above the $10.04 level. On the flip side, a negative rally can be expected below the $5.89 support level.
Technical Levels
- Resistance Levels: $10.04 and $13.08
- Support Levels: $5.89 and $5.16
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.