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Infinity nearly disappeared between now and the bear market of 2022. During that same year, interest in NFTs declined, hitting Axie Infinity hard.
According to CoinGecko, the token has been experiencing growth in almost all time frames with the biggest being the bi-weekly time frame with an impressive 48% gain.
But lately, the game has encountered some difficulties. According to activeplayer.io, Axie Infinity has been having trouble retaining players, with the game reverting back to November 2020 levels. However, the recent evolution may have contributed to higher taxes.
On-Chain Developments Steer Axie toward the front.
On December 28th, the devs released Axie Infinity: Homeland, the game’s flagship land-based experience. This version is only available to landowners, which is a central element of the game. The alpha version would be used by developers to collect comments and explore new functions.
1/ this is the place.
We are delighted to present you the alpha version of axie infinity: homeland, our landmark experience based on land!
Guide your axies as they harvest, craft, battle, and build their way towards a stronger, more beautiful homeland.
??| https://t.co/EF7HcUeptS pic.twitter.com/C8VUvDgFE2
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) December 28, 2022
Being an alpha release, it is part of a bigger development timeline as detailed in another tweet. The current version has the basic characteristics like slow-motion battles, trading and ranking.
The ecosystem will also release $63 million worth of AXS next Monday. It is to be seen how the market might react with the liberation of the fatherland and the unlocking of so many tokens in the long run.
1/ this is the place.
We are delighted to present you the alpha version of axie infinity: homeland, our landmark experience based on land!
Guide your axies as they harvest, craft, battle, and build their way towards a stronger, more beautiful homeland.
??| https://t.co/EF7HcUeptS pic.twitter.com/C8VUvDgFE2
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) December 28, 2022
At $11.90, What’s In Store For AXS?
At what it is today, axs bulls attempt to shore up the $11.95 token support that, if successful, allow axs to have enough momentum to penetrate the resistance of $12.30.
But with the release of a large amount of axs chips next week, we could see the chip pierce over $12.30 and consolidate into it.
Image: The Mediaverse
This token output, however, could trigger a sale-off that could lower AXS' price to $11.10 support. The clear development calendar of the fatherland could give confidence to investors on the direction of the game.
The lower prices that will happen as more chips are available could also be an opportunity for investors and merchants to get on AXS at a discount.
AXS total market cap at $1.1 billion on the daily chart | Chart: TradingView.comThe evolution of token prices over the next few days will be marked by volatility in the short to medium term, with a slight possibility of liquidation once the tokens are released.
However, chain developments should be able to withstand the slightly negative short- and medium-term outlook.
Investors and traders should then monitor how the chip can react when unlocked chips enter the marketplace. Axs bulls might also look at the price movement of bitcoin because it might also have an effect on the future price movement of the token.
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