AXS Price Analysis: Oversold RSI Rebounds AXS Price From $27 Support

The Axie Infinity(AXS) price retests the $27 support twice within a fortnight. Moreover, an evident bullish divergence in the daily-RSI indicates the buying pressure at $27, encouraging the formation of a double bottom pattern.

Timeline of Axie-infinity

The performance of the global crypto market has taken another weird turn as it hasn't been able to stay stable at a specific point. The changes in its value have been disconcerting for the investors because of the continuing bearishness as seen in case of Bitcoin and Binance Coin.

Blender.io, a platform focused on providing mixing services in the crypto market, has been sanctioned by the US Treasury. According to the regulatory body, the Blender platform played a vital role in the successful hack of Ronin bridge and Axie Infinity some weeks ago.

Axie Infinity, one of the largest play-to-earn blockchain games by volume, has crossed the $4 billion mark for all-time NFT sales. The play-to-earn (P2E) game, launched sometime in 2018 by Vietnamese software studio Sky Mavis, is currently the third-largest NFT platform in terms of sales volume.

In revving up their efforts to ease down the sell-off situation, the buyers finally managed to find reliable grounds at the $28.9-level. While the recent retracement pulled the alt to its multi-month lows, Axie Infinity (AXS) marked a down-channel (white) on the daily timeframe.

During a volatile day of trading, ethereum classic rose to a one-week high earlier in the session, before falling victim to a red wave. AXS also rose today, climbing by over 12% in the day, however, a bearish wave pushed prices lower as the day progressed. Ethereum Classic (ETC) ETC climbed to a one-week high

Popular gaming token Axie Infinity (AXS) rallied over the past 24 hours after introducing land staking rewards, while crypto lender BlockFi also added support for the token. AXS jumped nearly 20% to $34.56, recovering sharply from a near one-year low hit earlier in the week.

Axie Infinity price is trading around a crucial support level that is likely to trigger a massive run-up for early investors. On-chain metrics also support this asymmetric, no-brainer, and a bullish outlook for AXS.

In its constant endeavor to break the constraints of its 4-hour 50 EMA, Bitcoin has been on a bumpy ride whilst failing to improve the broader sentiment. As a result, RUNE, Axie Infinity, and The Graph continued to show sluggish tendencies while struggling to sustainably uplift the bull momentum.

Axie Infinity on Wednesday said it has launched land staking rewards to increase AXS ownership among landowners in the game. The decision comes after the community expressed outrage over limited land utility and earnings amid delays from developers.

Despite a fall in monthly sales volume, Axie Infinity continues to hit new milestones in the non-fungible token (NFT) space. The post Axie Infinity (AXS) Surpasses $4 Billion in All-Time Sales appeared first on BeInCrypto.