Axie Infinity Coin Insights

Axie Infinity Coin Insights from Fundstrat which is an independent research company specializing in professional analysis of cryptocurrency. AXS is the token for the Axie Infinity online game. The game is a very popular play-to-earn game where players collect and fight with characters known as Axies. Players earn Smooth Love Potions (SLP) rewards by completing achievements, and trading characters.

PLAY-TO-EARN GAMING

The use of in-game marketplaces has been around for decades but has recently been turned on its head with Play-to-Earn gaming. Axie Infinity, launched in 2018, brought the concept into the mainstream, and continues to dominate blockchain-based gaming, having amassed over 100,000 weekly active users.
The idea was simple: give players in-game rewards that can be traded, as has been the case for years in many games, but instead of making the rewards stuck in the game’s ecosystem, mint those rewards on the Ethereum blockchain so players can trade within the ecosystem or sell them for other tokens or even fiat.

TECHNICAL ANALYSIS AS OF 2.24.22

Axie Infinity shows signs of establishing support, after its pullback to test January lows at $44.45, which have wicked down, but not broken on a daily close. While the pullback from November 2021 served to erase 75% of the former rally from last Summer, Axie has begun to show a few signs of trying to stabilize, technically speaking. Prices managed to turn up sharply in early February, breaking its two-month downtrend from early December. This helped momentum (based on popular Technical gauges like Relative strength Index) to start to turn higher. Overall, while the larger trend from November appears bearish, AXS has shown interesting signs of stabilization, while prices have now pulled back to what appears to be a better level of support from a risk/reward basis. Rallies are possible in the next 3-5 weeks, possibly exceeding $60, from which could be the first evidence of AXS achieving a larger breakout of its three-month downtrend that may result in movement towards $90. Weekly closes back under $41.90 may be an indicator of a rally postponement

GROWTH DRIVERS

Axie Infinity has already gone through a series of massive upgrades in order to continue evolving the game such that it retains its technological relevance as well as increases player engagement. Some of those upgrades have included entirely new features such as a breeding mechanism for players to create stronger Axies. The biggest projects on the roadmap are adding land-based gameplay on top of just the character-based fighting, moving the game from the Ethereum blockchain onto a new sidechain, Ronin, in order to reduce gas fees and improve game and transaction speeds, as well as launching an open-source tool for developers to create their own game modes to share with players.
~ Fundstrat 3/2/2022

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