Can Axie Infinity (AXS) Launch Massive Comeback in Upcoming Weeks?
Anyone who has re-evaluated his cryptocurrency portfolio considering steady fundamentals has likely pain-staked Axie Infinity. It’s a stable P2E network, boasting lucrative adoption. AXS, its native crypto, has a less circulating supply. However, is that adequate to guarantee healthy recoveries amidst the next bull cycle?
Axie Infinity was among the first cryptocurrency projects to succeed in P2E mechanism implementation. The ecosystem’s approach attracted many users, translating to impressive platform growth. AXS, the network’s native token, enjoyed growth as it climbed towards the $166 peak. Nevertheless, massive sell-offs since then pushed the altcoins towards the $16 lows. While publishing this content, the token exhibits bearish tendencies at $21.
Cryptocurrency enthusiasts could consider AXS’s massive price plunges as an opportunity to purchase at discounts. Nevertheless, some would wonder whether the altcoin has what it takes for another upside move after the new project excitement faded.
Is AXS Securing Its Position?
Axie Infinity takes advantage of its play-to-earn approach to improve its services through the metaverse focus. For now, the blockchain project boasts a complete metaverse venture with digital lands ready for purchase. Also, Axie Infinity recently released Origin offering to enhance blockchain-based gaming.
Axie Infinity seems dedicated to continuing its initial achievements. And that could mean a lucrative signal for AXS’s future prices. Meanwhile, the increased utility will enable the crypto to leverage value while the Axie Infinity network continues expanding.
AXS has maintained somewhat flat price actions within the past two weeks. The alternative token hovered around $21.12 during this publication, following a more than 8% drop within the past day. Moreover, the alt saw substantial volume upticks within the past two weeks.
The token’s on-chain whale metric noted some activity over the past day. The index highlighted large accounts accumulating AXS. Meanwhile, supply by leading addresses saw a drop to 4-week lows recently. Nevertheless, it recorded a brief surge between May 21 and May 22.
Beware that the 30-day MVRV shows most AXS holders experience losses within current price conditions. Investors remain warry about possible declines, but AXS seems prepared for long-term upside recovery. Nevertheless, the future stays unpredicted, and anything can happen.
Editorial credit FellowNeko – shutterstock.com
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