AXS Crypto is Turning Bullish; Will the Price Reach New Highs?

• Axie Infinity crypto has medium volatility of  4.54%, as per Coincodex.
• The trading price of the crypto has shown 16 green days in the last 30 days.

Axie Infinity Shards (AXS) are governance tokens for the Axie Infinity game, allowing players to trade, stake for rewards, and participate in governance. Created by SkyMavis, Axie Infinity enables players to earn income through NFTs by breeding, battling, and trading digital pets called Axies. Its popularity is surging, particularly in developing countries.

The total supply of the Axie Infinity crypto is 270.0M AXS, and the maximum supply is the same. Moreover, the circulating supply of the crypto is 137.265M AXS, and the fully diluted market cap is $2.147B.

The trading volume of the Axie Infinity crypto has advanced by 34.4% in the last 24 hours, resulting in $81.998M. Also, the ranking of the traded volume of the crypto is #97, as per CoinMarketCap.

The market cap of the Axie Infinity crypto has also advanced by 2.8%, which has resulted in a market cap value of $1.093B. Moreover, the market cap ranking of the crypto is 67th. 

The market cap dominance of the crypto is 0.03%, and the sentiment of the crypto is bullish, as per CoinCodex. It is built on the Ethereum platform, and the release date of the crypto is November 4, 2020.

Axie Infinity Crypto Derivatives Overview

The Axie Infinity crypto has witnessed a short liquidation of $49.81K, and the long liquidation for the crypto is $19.78K, as recorded by Coinglass. It has resulted in a long/short ratio of 0.915.

The derivatives trading volume has advanced by 10.7%, resulting in $98.82M, and the open interest has also witnessed an advance of 2.5%.

AXS Crypto Technical Analysis

The AXS crypto price declined by more than 95% from its all-time high price, followed by a strong uptrend in the crypto price. On the weekly charts, lower high swings can be seen.

Following the most recent scenario, the price of the AXS crypto can be seen forming higher high swings, although it hasn’t broken above the crucial change of character high.

AXS/USD Chart by TradingView

The AXS crypto price trades above the crucial EMAs, such as the 20, 50, and 200-day EMAs. Also, the following EMAs are trading in a golden cross.

The ADX on the daily chart of the crypto is trading at a level of 18.0, which indicates weakness in the existing crypto trend, which is currently bullish on the daily timeframe. It also shows a probability of reversal of the trend of the crypto.

The Stochastic RSI on the daily chart of the AXS crypto price is trading in the overbought zone, which indicates the possibility of a reversal in the trend or a retracement in the price.

Summary

Axie Infinity’s AXS crypto exhibits medium volatility with a recent uptrend after a significant decline from its all-time high. Despite forming higher highs, it has yet to reach crucial levels.

While technical indicators suggest bullish momentum, the ADX indicates potential weakness and the Stochastic RSI signals overbought conditions, fostering price uncertainty.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.