Axie Infinity Price Up 38.41% – Time To Buy AXS Parts?
Axie Infinity has revolutionized the gaming industry as we know it. The blockchain protocol has established itself as the de facto gaming platform for the Web 3.0 interface that is being deployed. Additionally, its 538.94% gains over the past month prompted several investors to buy AXS on the stock market. The crypto asset has outperformed many of the major cryptocurrencies significantly. The parabolic rise in AXS over the past 24 hours has again caught the attention of crypto enthusiasts.
Axie Infinity: merging blockchain enthusiasts with game enthusiasts
Axie Infinity was developed in 2018 by technology software company Sky Mavis. It has had a big impact this year due to the growing interest in blockchain technology and cryptocurrencies as a whole.
On the surface, Axie Infinity is a gaming platform that integrates blockchain technology. However, the protocol has managed to attract over 200,000 games from hundreds of countries due to the incentive program on which it operates. The development team behind the Axie Infinity project built it in such a way that users are also partial custodians of the platform.
This allows players to collect, breed, breed, fight, and trade symbolic characters aptly called Axies in the rapidly growing platform market. Each Axie is built as a collectible or non-fungible (NFT) digital token and players must choose from 500 different pairs that include reptiles, aquatic beings, beasts, birds, insects, and plant parts. In addition, each part is ranked according to four different rarity scales, namely Common, Rare, Ultra-Rare, and Legendary.
Each Axie comes with unique strengths and abilities, and they go head to head in 3v3 battles with the winning team getting experience points (XP). These XP can be used to improve Axies or to evolve their body parts.
Hosted on the Ethereum blockchain, Axie Infinity has grown in popularity and more players from low-economy regions are signing up to play the Pokemon-inspired game. This has seen its AXS governance token skyrocket with digital assets up more than 5,000% since the start of the year.
AXS: paving the way for the resurgence of the market
September was a slow month for cryptocurrencies following a slight jump in value in August. The lull hit the nascent industry hard with the first digital Bitcoin asset falling to $ 40,000 and dragging the market to its side.
However, the last days of October saw revived interests in the emerging industry. Bitcoin once again dominated the market, but small cap alternative currencies (altcoins) like AXS largely stole the show.
Over the past three weeks, AXS has maintained an upward trend in price action and has reached an average value of 538.94% with more integrated users every day. Today’s gains reflect the digital asset’s change in course at the end of September, when it fell to $ 50.35 as the bears weighed heavily on the crypto market.
At the time of going to press, AXS is up 38.41% and trading at $ 148.96. The weekly earnings are also promising and stand at 127.64%. Although many investors see this as a bad time to buy AXS, the digital asset is known to make big gains in hours and this price action is expected to rise.
AXS technical and fundamental analysis
When it comes to technical and fundamental analysis of AXS, we have a better idea of ââits parabolic rise. AXS is on a significant uptrend above the 20-day moving average (MA) support price of $ 77.71. This uptrend reflects growing market confidence and shows that investors want to buy AXS.
The Relative Strength Index (RSI) figure that is trading in the overbought region of 84.88 confirms this. Axie Infinity’s gains aren’t just tied to the resurgence of the crypto market. The blockchain gaming platform recently launched a staking program for its native AXS token. This is part of the protocol’s plans to give voting rights and allow users to influence protocol decisions.
Additionally, the co-founder of the winning game Jeff Zirlin recently announcement plans to launch a Decentralized Exchange (DEX) platform where users can trade AXS and the Smooth Love Potion (SLP) secondary protocol token on-chain.