AXS/USD at Key Support

Axie Infinity is holding the $45 support level today, after a multi-week tumble. Price has tumbled around 30% over the last two weeks after losing $625M to a hacking incident.

AXS/USD broke the descending trendline earlier this year, after a multi month bearish market. Price has now traded back into support, raising the question “should traders look to buy this support?”

AXS/USD 1D CHART, 13 APRIL 2022

My View – Yes. Here’s Why AXS looks promising.

Axie Infinity is a play-to-earn game, offering an extremely popular metaverse. Their in-house marketplace has traded over $3.6Bn in USD value, boasts over 2.8 million active daily players, and the highest price tag an Axie has fetched is $820,000.

With those sorts of numbers there’s no denying the rapid adoption of their metaverse.

Now, lets have a look at the AXS token fundamentals. As of writing this there are 77.36M tokens in circulation, a total of 270M tokens minted, and a current market cap of $3.65Bn.

But here’s what really excites me about AXS – staking. Staking Axie Infinity on Binance users can yield up to 120% per annum.

120% per annum. You’d have to be absolutely mental to ignore yields like that.

Staking Axie Infinity at Binance

If there was ever a reason to hold crypto its yields like that.

Sign up to Binance here to access staking AXS!

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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