Axie Infinity (AXS) May Consolidation Before Making a Recovery

Now users can earn money with decentralized video games. Axie Infinity is a fantasy creature-based digital game based on a decentralized ecosystem. It is a game with fantasy creatures, and Axies is the main fantasy creature in this game. 

It is an Ethereum based project. As a game lover, you can earn money by contributing to this platform, and you will earn rewards in the form of AXS and SLP tokens. If you are not interested in gaming, you can buy this token from crypto exchanges.

Though there are many blockchain-based games, Axie infinity adds rich features, concepts, and gaming experience. Axies have homes and lands in a virtual universe, and you can train your Axies to earn rewards. 

Indeed, Axies can be sold anywhere between $200 to $400 ETH, and this high price of the virtual creature makes it an attractive gaming platform. In 2021, investors like Mark Cuban started supporting this platform, and Sky Mavis raised around $8 million for the platform.

Followers can support this platform by staking AXS tokens. The primary use case is governance; gamers and token holders govern the platform- there is no central authority. It also helps you to facilitate payments for in-game purchases.

AXS Price ChartAt the time of writing, the AXS price is $46, which is just above the support level of $40. We think the price candle will come down to the support level and enter into a consolidation phase before making any bullish move. 

If the price of Axie Infinity breaks the support level, then the next support level will be $18, which is almost 55% down the current price. Short-term investors should trade in this chart very carefully. 

On The daily chart, MACD is neutral, but RSI is in the oversold zone. Besides that, candlesticks are forming in the lower half of the baseline, which reflects bearish momentum. We recommend that traders should wait for a bullish signal before investing in this coin.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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