Axie Infinity is a video game that runs on blockchain technology. Like many other gaming platforms, it is also an attractive game to train your troops for battle. Axies is one kind of tokenized fantasy creature in the game which you can breed, raise and trade for profit.
Vietnam-based startup Sky Mavis founded the popular platform. It is an Ethereum-based NFT project with more than 400,000 daily active users.
If you are a game lover and want to earn money by playing games, then you can play it to earn Axie Infinity Shard (AXS) and Smooth Love Potion (SLP) tokens. Otherwise, you can buy these tokens from cryptocurrency exchanges.
Although many blockchain-based gaming platforms emerged in the last few years, Axie Infinity is a pioneer among them.
The initial token was 59,985,000 in number and sold for $0.10 on the Binance platform. However, it has not given a good return until the steep rise in August 2021. Due to the promotion of the gaming platform, they acquire more players, and the price of the coin starts increasing.
Interestingly, the Axie Infinity network has two different coins for its growth and sustainability. The value of both of these coins will increase with the increment in the number of gaming users.
If you are not into gaming but still want to be a part of this growing community, you should purchase AXS or SLP coins.
At the time of writing this analysis, the AXS price is $126.84, standing on the support level. From the last few months, it has been maintaining a strong support level of around $120 and resistance of $166.
The MACD chart is bearish, and the blue line is far below the red line; the Bollinger Band and Moving Average line also reflect bearish signals. On the BB, the last few candlesticks are in the lower half. Moreover, the last two candlesticks have crossed the line of the lower half of BB. Ichimoku Cloud is also suggesting the same.
Moving Average line is also coming downwards. The only positive is RSI, which is around 42.
If you want to invest in this coin, please remember that it is around its initial support level. However, if it breaks the support level, the stop loss or next support level can be $74. There is a long gap between the two support levels. We recommend you wait for a week to check its trends.
Indeed, it is a popular gaming platform; it will create a new ATH next year so you can invest in it for the long term. For short-term players, you can invest a couple of bucks aiming to book a profit at $160. Overall it is a good chart pattern to rely on for the long term.