Axie Infinity, a blockchain-based play-to-earn game, generated a measly $988,400 in total revenue the previous week, which is the first time that the popular P2E game that allows you to earn SLP coins, amassed lower than 1 million since February 2021.<\/p>\n
From an hourly standpoint, AXS price has spiraled down by 1.69% or roughly $0.35 compared to values from an hour ago. This looks like a reversal from the previous results, showing the price moving up.<\/p>\n
Today, the AXS price is down by 0.87% or $0.18 from yesterday. This reverses the price movement that transpired the previous day, which registered an upward trend. The 100-hour time frame proves to be most consistent, showing a bearish or downward trend.<\/p>\n
Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month \u2013 How Much More Can It Lose?<\/p>\n
Axie Infinity \u2013 Still The Most Popular P2E?<\/p>\n
Axie Infinity, the most popular P2E, has seen a trailblazing success in 2021. Axie Infinity managed to generate over $215 million at its peak fame on August 8, 2021.<\/p>\n
Additionally, Sky Mavis, the game\u2019s creator, has also procured over $152 million in funding or a valuation of $3 billion in a funding round headed by Andreessen Horowitz.<\/p>\n
However, things went through rough spots as the game dropped in November 2021 due mainly to its burn mechanism and imbalance of issuing SLPs.<\/p>\n\n
BTC total market cap at $862 billion on the daily chart | Source: TradingView.com<\/p>\n
There was an overload of Smooth Love Potion (SLP), Axie\u2019s in-game token, which was issued with no means to burn or destroy the tokens thoroughly. Axie suffered from inflation as its SLPs depreciated in value and failed to incentivize players.<\/p>\n
Sky Mavis has recently added a burn mechanism into Axie, but it did not work.<\/p>\n
AXS Consistently Moving Down<\/p>\n
AXS has been consistently moving down ever since it reached its all-time high in November 2021 with a price of $166.09.<\/p>\n
The downward trend resulted in AXS reaching a low price of $16.20 in May. The support area is around $20, but AXS did not achieve this since July of 2021.<\/p>\n
Axie Infinity has been moving up since May 28, which is a rebound of 52% from the lows it suffered in May.<\/p>\n
Suggested Reading | Crypto Community Sees Nearly 80% Upside For Ethereum By End Of June<\/p>\n
The downward movement was then prefaced with a bearish forking movement, as seen in the weekly RSI, which shows an intact trendline. <\/p>\n
The only time a trend can be coined as bullish is when the trendline is broken. If the bounce lingers on, the next resistance area would be at around $50.<\/p>\n
Featured image from Bitcoin News, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Axie Infinity, a blockchain-based play-to-earn game, generated a measly $988,400 in total revenue the previous week, which is the first time that the popular P2E game that allows you to earn SLP coins, amassed lower than 1 million since February 2021.<\/p>\n
From an hourly standpoint, AXS price has spiraled down by 1.69% or roughly $0.35 compared to values from an hour ago. This looks like a reversal from the previous results, showing the price moving up.<\/p>\n
Today, the AXS price is down by 0.87% or $0.18 from yesterday. This reverses the price movement that transpired the previous day, which registered an upward trend. The 100-hour time frame proves to be most consistent, showing a bearish or downward trend.<\/p>\n
Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month \u2013 How Much More Can It Lose?<\/p>\n
Axie Infinity \u2013 Still The Most Popular P2E?<\/p>\n
Axie Infinity, the most popular P2E, has seen a trailblazing success in 2021. Axie Infinity managed to generate over $215 million at its peak fame on August 8, 2021.<\/p>\n
Additionally, Sky Mavis, the game\u2019s creator, has also procured over $152 million in funding or a valuation of $3 billion in a funding round headed by Andreessen Horowitz.<\/p>\n
However, things went through rough spots as the game dropped in November 2021 due mainly to its burn mechanism and imbalance of issuing SLPs.<\/p>\n
BTC total market cap at $862 billion on the daily chart | Source: TradingView.com<\/p>\n
There was an overload of Smooth Love Potion (SLP), Axie\u2019s in-game token, which was issued with no means to burn or destroy the tokens thoroughly. Axie suffered from inflation as its SLPs depreciated in value and failed to incentivize players.<\/p>\n
Sky Mavis has recently added a burn mechanism into Axie, but it did not work.<\/p>\n
AXS Consistently Moving Down<\/p>\n
AXS has been consistently moving down ever since it reached its all-time high in November 2021 with a price of $166.09.<\/p>\n
The downward trend resulted in AXS reaching a low price of $16.20 in May. The support area is around $20, but AXS did not achieve this since July of 2021.<\/p>\n
Axie Infinity has been moving up since May 28, which is a rebound of 52% from the lows it suffered in May.<\/p>\n
Suggested Reading | Crypto Community Sees Nearly 80% Upside For Ethereum By End Of June<\/p>\n
The downward movement was then prefaced with a bearish forking movement, as seen in the weekly RSI, which shows an intact trendline. <\/p>\n
The only time a trend can be coined as bullish is when the trendline is broken. If the bounce lingers on, the next resistance area would be at around $50.<\/p>\n
Featured image from Bitcoin News, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-767","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=767"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/767\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=767"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}