AXS Price Prediction: Axie Rises by 57% to $11. Is this a Sign of Investing in the Token?

Updated: 09 February 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Axie Infinity (AXS) token has risen by 57% in the past month. What could this mean for the Axie Infinity holders and investors? The year 2022 was a challenging one for cryptocurrency investors, particularly in the Axie Infinity ecosystem.

Despite this, traders willing to take on the risk may invest in Axie Infinity Shards as the price is expected to rise.

Axie Infinity (AXS) Token

Axie Infinity is an innovative digital play-to-earn game that combines the excitement of collectible items with the security of blockchain technology. In the game, you can collect and battle unique creatures called Axies. The game has gained popularity due to its imaginative art style and captivating storyline.

Make sure to login everyday from Feb 8th-14th to claim romantic daily rewards! pic.twitter.com/nnMvAukxzl

— Axie Infinity (@AxieInfinity) February 8, 2023

Existing AXS holders can average their holdings by adding more tokens, but new investors may face high risk. Despite the numerous benefits of the Axie Infinity universe, the cryptocurrency market was characterized by significant fluctuations and instability.

One of the critical features of Axie Infinity is the use of the AXS token for governance. This means that, instead of having the game developers make all the decisions, players who hold AXS have the power to vote on essential changes in the game world.

By holding AXS, you have a say in the game’s direction and can earn more tokens by staking them and voting on proposals that impact the game.

AXS Market Analysis and Statistics

AXS reached its all-time high of $164.9 on November 6, 2021. Many players gained from this game and became millionaires. However, the market price of AXS came crumbling and lost value, dropping to $6.9. The market has been gradually picking up from the bottom since the beginning of 2022.

At the time of writing, AXS’s price is $11.54. Unfortunately, the price has dropped 1.7% in the last 24 hours, but on the bright side, it has increased by 1.06% in the last 7 days. Currently, there are 120 million AXS in circulation, making the total market capitalization reach $1,330,053,685.

The 24-hour trading volume for AXS is a substantial $378,950,737. Axie now has a market dominance of 0.12%. In the past 30 days, AXS has risen by over 57%. This has attracted the attention of investors keenly following the token’s value.

How Far Can AXS Price Reach by Q1 of 2023?

Being an innovative digital game, AXS can only increase in value as more players continue to play. Besides, the sentiment in the community regarding Axie Infinity (AXS) is positive, with over 74% of users expressing optimism. However, the market analysis might be something to look at as the price of AXS shows signs of breaking into a bull run.

AXS/USD Technical Daily Chart Analysis and Prediction

The price of Axie Infinity came plunging down the chart after its market price reached an all-time high of $164.9. Last year was even worse as the market price of AXS continued to bleed until the end of Q4.

AXS Price Prediction — AXS/USD Technical Daily Chart: Source Tradingvie.com

According to the daily chart above, AXIE has broken out of the consolidation stage after plunging deep to its significant support level at $6.2. The market broke above the 50-day moving average and is now slightly above the 200-day moving average. AXS trades along the 200-day moving average after reversing to test the indicator’s strength.

Furthermore, the Relative Strength Index (RSI) also signals a bullish sign as it trades above the 50-level mark. A bull run will be inevitable if the market sustains above the 200-day moving average. Our price forecast for the AXS token is $19.71, which could be by the end of the first quarter of 2023.