Amsterdam, the Netherlands - October 24, 2018: Website of Axie Infinity, a game about collecting and raising fantasy creatures called Axi.
The Smooth Love Portion price has been in a strong freefall. The SLP token has dropped in the past six weeks as investors worry about the Axie Infinity ecosystem. It has fallen by 98% from its all-time high and is now hovering near its lowest level on record. Similarly, the AXS token has fallen by over 86% from its all-time high and is now at its lowest point since July 2021.
Axie Infinity is one of the biggest gamify platforms in the world. Built on Ethereum’s blockchain, the network allows people to play virtual games and earn rewards from them. These people earn rewards in the form of the Smooth Love Portion coin. Unfortunately, the SLP token has been in a freefall in the past few months after the hack that cost investors millions of dollars.
The Smooth Love Portion price has also declined because of the ongoing cryptocurrency crash. A quick look shows that most coins have declined. As a result, the market cap has dropped from more than $3 trillion to about $1.2 trillion. There are concerns about whether NFTs and other gaming tokens will do well in a period of high-interest rates.
In the past few months, the SLP has nosedived as concerns about its future decline. On-chain data also shows that the number of active players in Axie Infinity has declined recently. On the 4H chart, the coin is attempting to bounce back after it fell to an all-time low of $0.0039. It has declined below all moving averages.
Further, the SLP coin has risen above the McGinley Dynamic indicator while the Rate of Change is moving above the neutral level. Therefore, this dead cat bounce will likely continue rising as bulls target the key resistance at $0.0625. A move below the support at $0.043 will invalidate the bullish trend.
This post was last modified on May 13, 2022, 09:47 BST 09:47