Axie Infinity Begins Recovery Mission – Can AXS Price Push to $6?

Axie Infinity (AXS) bears finally broke down the $6 support level on Aug 12 after nearly a month of multiple attempts. Amid growing bearish momentum, on-chain data examines the bulls' chances of forcing an early AXS price rebound.

Timeline of Axie-infinity

After starting the week negatively, the Axie Infinity (AXS) price has rebounded 7%, briefly reclaiming the $6 milestone on Thursday. On-chain analysis reveals the critical data points that could generate bullish momentum in the coming days.

Cryptocurrency exchange Bitstamp has announced its decision to suspend trading of several cryptocurrencies for customers based in the United States starting from August 29th. The move comes in response to recent developments, although the specific reasons behind the suspension were not detailed in the announcement.

Trading will soon be halted for several popular cryptocurrencies on the Bitstamp exchange for users in the United States. Starting August 29, 2023, the exchange will suspend trading for AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for U.S. customers, canceling all existing orders for those assets. After this deadline, U.S.

Axie Infinity (AXS) price dipped below the critical $6 support level on Wednesday, August 2. On-chain data analysis reveals the critical factors behind the growing bearish momentum.

Axie Infinity's creator has announced its partnership with the CyberKongz NFT project to introduce PFP NFTs to the Ronin blockchain [RON] for the first time. With a persistent decline in network activity within the P2E gaming ecosystem, how will this play out?

Barely 48 hours after the latest 3.63 million token unlock event, Axie Infinity (AXS) price has retraced 8%, hitting the $6 mark on Tuesday. With the Axie Infinity sell-off in full swing, where will AXS price find support?

Axie Infinity creator Sky Mavis has announced a partnership with NFT collection CyberKongz, which will reward some of the blockchain game's players with digital assets. As part of the alliance, a new NFT collection called Genkai will be unveiled on July 27, with some of the tokens minted on Sky Mavis's Ronin chain.

Metaverse, once hailed as the future of the internet, now faces a potential flop. But amidst the challenges, there is hope for refinement and widespread accessibility in the virtual realms.

Axie Infinity (AXS) continues to be one of the top performers in the market even though the bear market trend. However, an upcoming token unlock event could put an end to the alt coin's bullish trend given the amount of tokens involved.

After double-digit gains in June, Axie Infinity's (AXS) price dropped to $5.80 following an unsuccessful attempt at the $6.50 resistance. On-chain data suggests that the bears are on the verge of breaking the $5.80 support.