Sirwin
Sirwin

NFT Game Token AXS Hits Bullish Week With Other NFT Cryptocurrencies Following

By Vendata | Quick Crypto News | 8 Jul 2021


The native token for the NFT game Axie Infinity Axie Infinity (AXS) has had an impressive bullish week, going up by over 130% at the time of writing, with other NFT cryptocurrencies following, including Decentraland (MANA) and Enjin Coin (ENJ).

Brief Analysis

Before detailing into the brief analysis, it is first to be noted that the data trend comes from the Binance listing of the pair AXS/USDT (Tether) which was established on the 4th of November, 2020. This means that there would not be a full yearly trend, though there would still be enough data to provide some insightful trend observations regarding AXS.

Beginning with the year trend of AXS, it starts low and steady around the 50 cent mark. The trend gradually increases over the months and gains some momentum from the start of February 2021. In this momentum gain, AXS breaks the $2 mark, slumping down towards the start of March where it hits a new momentum block and climbs further up. AXS peaks mid-March at around $6, tumbling towards the end of April where it climbs up once again to beat its previous milestone. Within the first days of April AXS storms up to around $9.40, quickly falling to a resistance zone. Towards the end of May AXS drops, peaks, then gradually slides downwards over the following days. Mid-May AXS slumps down and moves through a strong resistance zone. Towards the start of July AXS goes crazy, rocketing right up through the roof to create its bullish week run. From the description, there appears to be a recurring pattern: mid-month dump then end-month pump. 

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Within the month trend, the bullish trend of AXS becomes more clear. The majority of the graph is taken by a strong resistance around the $4 mark, but towards the start of July that begins to change. AXS quickly rises around the 28th of June, gaining momentum over the following days. AXS peaks around $16 and has appears to tumble down. Following the recurring pattern mentioned earlier, it is expected that AXS will dump by mid-July, pumping back up towards the start of August. 

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Going into the day trend for AXS, a downward trend appears to be imminent. Towards the beginning of the UTC (Coordinated Universal Time) day, AXS rises considerably - from about $13.50 to about $15.60 - but from the ~$15.60 mark AXS starts to decline. This decline has occurred through the following hours with little recovery throughout the trend. The largest recovery was a few hours ago from 9 am, but the gain has been lost from the hours after to the current situation of AXS.

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The statistics of AXS are as follows:

  • Price - $12.94
  • 24h low / 24h high - $12.74 / $16.61
  • 24h Price change - $-0.4827 (-3.60%)
  • 24h Trading volume - $1,651,031,940.54 (+55.60%)
  • Market dominance - 0.06%
  • Market rank - 84th
  • 7-day (week) trend - +133.6%

Alongside AXS, other NFT-based cryptocurrencies have had a bullish week, possibly influenced by the impressive bullish week for AXS. The two highest week gainers within the top 100 according to the market cap is MANA at 29.8% and ENJ at 12.3% at the time of writing. MANA may have been more influenced by its closer relationship to AXS than ENJ being wholly based on one NFT game as opposed to NFTs overall with ENJ. Below are the respective 5-day trends for MANA and ENJ.

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Considering Cause Of AXS's Bullish Trend

Looking through the Twitter feed of the Official Axie Infinity account, there appears to be a possible cause for the bullish trend for AXS. As mentioned earlier, the bullish trend for AXS started about the 28th of June, and a significant trend was posted the day after as the trend began to rise. 

The tweet was a promise for a range of builds to the AXS ecosystem, all of which are large upgrades that will improve gameplay and interactions within the AXS ecosystem. They are as follows:

  • Server scaling
  • AXS staking dashboard
  • Ronin DEX (exchange tokens within AXS ecosystem)
  • Battles V2 
  • Land gameplay
  • Marketplace upgrade

The post of such upgrades may have called a range of people to begin playing Axie Infinity, causing a dominion effect that flows onto the trend of AXS being the native token of Axie Infinity. The tweet is shown below and can be visited here: https://twitter.com/AxieInfinity/status/1409731048632508417

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Looking within DappRadar, a website displaying the statistics of NFT services, Axie Infinity come strongly first in its volume, traders and sales. They are respectively $24.57 million, 21633 and 49224, all of which are incredible amounts. The considerable increases associated with these aspects indicate a rising hype and interest for Axie Infinity, and so the cause of its bullish week trend. The top 10 NFT collections listed in DappRadar are shown below and can be visited here: https://dappradar.com/nft

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The weekly increase of Axie Infinity is even larger and further proves the hype associated with Axie Infinity, thus AXS. The volume of Axie Infinity more than double while trades and sales went up by more than 50%. This is the most Axie Infinity has gotten in its history. Some of the statistics are shown below and can be visited here: https://dappradar.com/ethereum/games/axie-infinity

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Further Reading

Axie Infinity - Axie Infinity Whitepaper - https://whitepaper.axieinfinity.com/ 

Medium (Axie Infinity) - Axie Community Alpha: Getting Started!- https://axie.substack.com/p/axie-community-alpha-getting-started

Axie Infinity - Launchpage - http://axieinfinity.com/ 

Medium (Axie Infinity) - Axie 1,000,000 Decision and TOS Clarification - https://axie.substack.com/p/axie-1000000-decision-and-tos-clarification

Thumbnail Source: https://www.coindesk.com/axie-infinity-launches-public-testnet-of-ronin-sidechain-to-scale-even-faster 

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Vendata
Vendata

I have just started getting into crypto and want to help others in the journey as I progress. I will give my advice, thoughts and opinions relating to different concepts of the best of my ability. No content promises to be 100% true and is for education.


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