BlocksInform
The gamefi industry was hit hard during the crypto winter of 2022, which swept billions from the crypto marketplace. Axie infinity is one of the projects that have been brought to a halt. According to a July 2022 report by CheersLand, the native token of Axie Infinity, AXS, has lost 91% of its value in the third quarter of last year.
But with crypto sentiment reinvigorating in the marketplace, axs has grown since the beginning of the year. According to CoinGecko, the token is up 43% in the past 24 hours with the biggest gain being made in the bi-weekly time frame.
In spite of negative chain changes, this price rise could be a sign of rebirth for the infinity axie.
The number of players continues to spiral downwards.
A game needs active players to stay active for a long period of time and Axie Infinity struggled to keep its player base. According to activeplayer.io, the game has been seeing a continuous decline in its fan base.
Since reaching its all-time high in January 2022, fear, uncertainty and doubt about the crypto market have hit the numbers. The largest decline in the player base, however, dates back to June 2022, when the game lost 1.2 million players in one month.
Image: Mediaverse
Right now, the game is near its November 2020 lows which is a pretty bad look for one of the biggest play-to-earn games in the market.
The price of taxes is going up – can it support that momentum?
Axie does not have a very good situation. However, Axie Infinity’s NFTs are still some of the most traded NFTs in the open market, surpassing big names like Bored Ape Yacht Club and CryptoPunks.
Axie infinity even bigger NFT series traded. The importance of games collections is underestimated. pic.twitter.com/0O1z8BYzR8
— Loopify ???>? (@Loopifyyy) January 14, 2023
This had a profound effect on AXS as the chip went through its resistance of $12.23, gaining momentum on its September 2022 level. As of January 23, the Axs Bulls have a resistance target of $13.20.
To do this, the chip must close today over $13.20 and consolidate at that level. However, if the token is facing a decline at that level, investors and merchants can count on $12.23 for support in the coming weeks.
Crypto total market cap at $994 billion on the daily chart | Chart: TradingView.comBut with the crypto market as a whole still recovering, AXS could be riding the bull wave to potentially target the $15 resistance in the coming months. This metric enhancement could also draw back players or new players into the game, further adding to optimism.
For now, investors and traders can hold taxes with confidence over the short to medium term as gains remain to be made.
Spotlight image: Manila Newsletter.
