Axie Infinity is a play-to earn game on blockchain. It generated $988,400 total revenue for the week prior. This marks the first time Axie Infinity has earned less than one million SLP coins since February 2021.
The hourly AXS price plunged by roughly $0.35, or 1.69%. This is a drastic change from the values of an hour earlier. The price is moving up, which seems to be a reverse of the results.
The AXS is currently down by 0.8% or $0.18 compared to yesterday. This is a reverse of the trend that occurred the previous day which saw a price drop. This time period of 100 hours is the most stable, showing either a downward or bearish trend.
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Axie Infinity – Still The Most Popular P2E?
Axie Infinity has been a huge success story in 2021. Axie Infinity was able to earn more than $215 million during its peak popularity on August 8, 2021.
Additionally, Sky Mavis, the game’s creator, has also procured over $152 million in funding or a valuation of $3 billion in a funding round headed by Andreessen Horowitz.
Things went through some rough patches as the game was dropped in November 2021, primarily due to its burn mechanism.
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There was an overload of Smooth Love Potion (SLP), Axie’s in-game token, which was issued with no means to burn or destroy the tokens thoroughly. Axie was affected by inflation because its SLPs lost value, and it failed to motivate players.
Sky Mavis recently added Axie a burn mechanism, but it didn’t work.
AXS Keeps Moving Down
Since November 2021, when it hit its record high of $166.09, AXS has continued to fall.
AXS’s May price was $16.20, a continuation of the downtrend. AXS failed to reach this level in May 2021, despite having a support of $20.
Axie Infinity is moving higher since May 28. This represents a 52% rebound from its May lows.
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The bearish forking movement that preceded the downward move was seen in weekly RSI. It shows an intact trendline.
Only when the trendline has been broken can a trend be considered bullish. The next resistance zone would be around $50 if the bounce continues.
Featured image taken from Bitcoin News. Chart by TradingView.com