AXS Market Snapshot: Can It Push Beyond This Bearish Phase?

AXS Market Snapshot: Can It Push Beyond This Bearish Phase?

AXS Market Snapshot: Can It Push Beyond This Bearish Phase?
A snapshot of AXS’s price analysis may offer insights on the token’s outlook and crypto markets overall.

Axie Infinity Shards (AXS) has been undergoing a bullish streak since it hit an all-time high on November 6, 2021. The coin managed to get to $165.37 before later correcting to below the $150 mark. Its price on December 2, 2021, went down 19.4% since its ATH to land at an average of $132.57; this value is over 7% lower than the close at $141.97 on December 1, 2021.

Despite the buzz around the play-to-earn gaming platform, there has been a bearish outlook for the crypto market at large. Considering its positive correlation with the top 10 coins in the market, AXS might suffer if those others drop. Currently, AXS is ranked 23rd by market cap, overtaking older coins due to its lucrative capabilities.

It has set its primary support level at around $124 and the resistance level at around $143. Still, the AXS market stands as bearish despite having more positive price action than negative. 

What Axie Infinity Brings to the Crypto Space

Axie Infinity is among the top-ranked blockchain games of the year, allowing users the opportunity to participate in its ecosystem using the AXS and Smooth Love Potion (SLP) tokens. Players leverage Axies for in-game battles and possible non-fungible token (NFT) products. The platform has managed over 90,000 Ethereum (ETH) in trade with the most expensive Axie sold standing at 300 ETH.

AXS as an ERC-20 governance token plays a key part in how the Axie Infinity game works. It enables users to be involved in decisions on Axie Infinity’s future, including any updates. 

Axie players can lock their coins in its pool to garner staking rewards from newly minted AXS. The staking rewards are part of an incentive system that ensures continued support of the ecosystem by players. AXS tokens are currently available on exchanges like BTSE, Binance, and Uniswap.

Blockchain games offer a new outlook of the gaming industry, progressing it to suit new and pro players alike. That much has been visible during the COVID-19 pandemic, which led to stringent lockdown regulations to limit its spread. As such, more people entered the online gaming space to pass time and meet new people.

Axie Infinity came into being in late 2020, holding its initial exchange offering (IEO) in November and AXS selling at an initial price of $0.1. Since the IEO, it is safe to say that the coin has been more bullish than bearish, garnering massive attention from the crypto and gaming space. 

High Trading Volumes and a Year-end Comeback?

Today, AXS has a market dominance of 0.33%, showing the lengths it has come since its IEO. In the half year since June 2021, the coin’s price has risen by 3,400% overall and more than 1,900% against Bitcoin (BTC). Its trading volumes are high despite bearish sentiment over the past few days, hitting over $380 million on December 2, 2021, and up by over 84% compared to November 28, 2021.

According to recent announcements, Axie Infinity has joined the pro gaming space. It recently held its FTX GalAxie Cup Tournament in November, and its community was particularly receptive to the event, which helped drive up the token’s trading volume. 

As such, this event could contribute to a further bullish spell in the markets. Looking at the possible futures, the coin could go above $200 within a month. However, it is probable to go below the $120 mark in the short term if it goes under the $124 support level.

 

Trade AXS here.

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