- AXS crypto price has increased over 10% during the weekly trading session.
- The current price is performing near the 24-hour low price level of $7.23.
- An increment of 6.33% has been observed in the AXS volume in the last 24 hours.
Created in 2018, Axie Infinity (AXS) is a trading and battling game based on the decentralized blockchain system. In this ecosystem, video game payers around the world can collect, breed, raise, battle, and trade token-based creatures known as Axies. The native token Axie Infinity Shards can be used to participate in key governance votes. Traders can trade AXS tokens in numerous exchanges, such as Binance, Katana, Coinbase, etc.
May 2024, AXS Performance, Supply Changes, Valuation & Distribution
Axie Infinity crypto price has increased by over 6% in the last seven days. Crypto has outperformed the global cryptocurrency market, which has increased by 5.70%. AXS also exceeded the similar Andreessen Horowitz (a16z) Portfolio cryptocurrencies. The community behind this gaming ecosystem is 83% bullish today.
The total diluted valuation of AXS tokens is estimated at around $1.97 Billion, with 270 million tokens as the maximum supply. 144.44 Million tokens are currently circulating in the market with a worth of $1.05 Billion. Crypto has placed itself among the 85 most dominant cryptocurrencies in terms of market cap.
The Axie Infinity (AXS) tokens are primarily distributed in seven categories follows as:
- 11.00% is allocated to the Public Sale.
- 4.00% is allocated to the Private Sale.
- 29.00% is allocated to the Staking Reward.
- 20.00% is allocated to the Play to Earn.
- 7.00% is allocated to the Advisors.
- 21.00% is allocated to the Sky Mavis.
- 8.00% is allocated to the Ecosystem Fund.
At present, whales own 93.86% of the circulation supply of AXS tokens. The traders and investors collectively have the remaining 6.14% of the tokens.
Technical Analysis Of Axie Infinity (AXS/USD)
The downtrend lies below the key exponential moving averages, reflecting bearish sentiments in the current phase. The 50-day and 200-day EMAs have become dynamic resistance. Bullish trend continuation is expected above the EMAs.
AXS price faced a bullish correction phase after breaking out of the $12.01 resistance level. The price followed a trendline during the correction period, forming above. The price has faced resistance from the trendline and reached the $6.84 demand zone. This can become a good opportunity for buyers to enter.
The relative strength index (RSI) has shown a bullish divergence in the current price momentum. Both SMA and RSI lines had a golden crossover, indicating a shift in strength. The RSI is at 45.33, moving toward the middle band.
Summary
Since mid-March 2024, the AXS crypto price has been facing a bullish correction period. The crypto price has fallen to the $6.84 major demand zone. However, the Axie Infinity price outperformed the global cryptocurrency market compared to the last seven days. Additionally, the community behind AXS crypto is 83% bullish today, reflecting the increasing interest of users.
Technical Levels
The immediate short-term support level for AXS at the time of writing was $5.89, while the $9.06 level is the next resistance. If AXS is able to make past the upper resistance level, a rise in price can be expected. Similarly, a drop below the aforementioned support level can lead to a price pullback to the lower support level.
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.