Gaming Tournament Pushes Axie Inifinty (AXS) Price Above $6.50 —More Gains Ahead?

Axie Infinity (AXS) price gained 20% last week after a rare gaming tournament triggered an unexpected bull rally. With the tournament still ongoing, on-chain data suggests that the rally may not be over.

Timeline of Axie-infinity

This week, Axie Infinity (AXS) price has consolidated within the $5.5 – $5.8 range after an unsuccessful attempt to break the $6.5 resistance. Will the whales maintain their bullish stance to trigger an early rebound?

Axie Infinity (AXS) price scored double-digit gains last week, and so did other prominent metaverse projects like TheSandbox (SAND) and Decentraland (MANA). What is behind the price rally?

In an enlightening interview hosted by Justin Roberti and myself, J Rod Safdiye , at the Benzinga Crypto Unlocked virtual event, we dove deep into the future of W eb3 gaming with Jihoz , the co-founder of Axie Infinity (CRYPTO: AXS) and Sky Mavis. The conversation spanned an array of topics, from the merits of gaming as an introduction to Web3, the fluctuations of Web3 gaming economies, to the potential of dynamic NFTs.

Axie Infinity, the popular blockchain-based game, has recently displayed robust short-term bullish momentum. However, there are indications that prices may experience a decline over the upcoming weekend.

As investors weigh in on the latest approval of a leveraged Bitcoin Exchange Traded Fund (ETF) product that was approved by the United States Securities and Exchange Commission (SEC), tokens like Axie Infinity are capitalizing on this broader sentiment and complemented by a rare ecosystem event which went live today.

The virtual event includes leaders in Web3 gaming, including: Axie Infinity, BNB Chain, Splinterlands, Aavegotchi, Alien Worlds, and Upland. DETROIT, June 22, 2023 - Benzinga, a prominent source of investment information in both traditional finance and Web3, has unveiled the next installment of its virtual event series, Crypto Unlocked.

Speculators going short on Bitcoin and crypto are hurting today as markets have surged. As a result, there has been a large number of liquidations on short positions as BTC and its brethren rebound from weeks in the doldrums.

As the crypto market holds its breath, one company is readying to drop a bombshell that could echo through the corridors of digital currency. On July 1, Celsius Network, a now-bankrupt crypto lender, plans to sell off a staggering $215 million in altcoins, marking an unprecedented liquidation.

Axie Infinity's (AXS) price slid to a three-year low amid the ongoing legal battle against US SEC. In addition to the price decline, on-chain data shows players are increasingly abandoning the GameFi protocol.

Amidst legal battles with major crypto exchanges and growing regulatory scrutiny, the AXS token sees a dramatic price drop. Is this a market correction, or does it signal an impending crash for the play-to-earn pioneer, Axie Infinity?