The Axie Infinity price is hovering near its all-time high as demand for its gaming solutions jump. The AXS coin price is raing at $70, which is more than 2,280% above the lowest level in June. As a result. Its total market value has risen to more than $4 billion, making it the 35th biggest coin in the world.
Axie Infinity is a blockchain project that was inspired by Pokemon, the popular smartphone game. The platform helps people play games that enable them to battle, collect, raise, and build an ecosystem for their pets. It is built using Ethereum’s blockchain and is one of the most popular games there. Gamers in the ecosystem are rewarded using AXS, the platform’s native currency.
In the past few months, the Axie Infity ecosystem has become relatively popular. It has more than 250,000 daily players and more than 90,000 ETH currently worth more than $225 million has been traded in its marketplace. Recent data shows that some of the ecosystem’s active users earn more than $500 per month.
Therefore, with such rewards, Axie Infinity could become the next big thing considering that players will always have the motivation to play. Also, it will likely keep incentivising more players to join in order to earn.
The four-hour chart shows that the AXS price has been in a strong bullish trend in the past few weeks. This makes it one of the best-performing currencies in the ecosystem.
However, this momentum has waned recently as the price has moved sideways. As a result, it remains at the same level as the 25-period and 50-period moving averages while the Average True Range (ATR) has declined even as volume remains high.
Therefore, the outlook for the Axie Infinity price is neutral since this consolidation could end in either direction. The key support and resistance levels to watch will be $50 and $90.