Axie Infinity’s AXS Token Soars with Game Update
Axie Infinity’s AXS token has experienced an impressive surge of over 35% in the past 24 hours, reaching a trading price of $9.26. This increase in value has propelled AXS to the forefront of gaming cryptocurrencies, with a market capitalization of $1.4 billion and a circulating supply of 132 million coins.
Axie Infinity’s Evolution Transforms Game Economy
A recent game update for Axie Infinity has introduced an evolution feature for the game’s creatures, known as Axies. This update not only enhances the digital companions but also introduces a deflationary mechanism that modifies the game’s economy. This system can decrease the total number of Axies, increasing the value of existing ones and strengthening player connections with their virtual counterparts.
Concerns Over Potential Correction
Despite the positive momentum, there are concerns about a potential sharp correction in AXS’s price. Impatient holders who have experienced losses may choose to sell their positions to minimize further losses. Data indicates that there are more holders currently in the red than those with profitable addresses.
AXS Technical Analysis: Key Levels And Caution
From a technical analysis perspective, key resistance levels for AXS are at $10.41, $11.37, and $12.01, while immediate support levels are at $9.09, $8.54, and $8.06. The Relative Strength Index (RSI) is currently at an elevated level of 81, indicating an overbought condition and suggesting potential reversals in the market.
Hot Take: Axie Infinity’s Surge Amidst Caution
Axie Infinity’s AXS token has experienced a significant surge due to a game update, generating excitement in the cryptocurrency market. However, caution remains as market participants are wary of a potential correction and the impatience of holders facing losses. The unique economic dynamics introduced by the game update add an intriguing element to AXS’s trajectory in the ever-changing crypto landscape.
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