The Axie Infinity (AXS) p2e token tested in the $9.50 area on April 18 April, but since the coin has fallen in price by nearly a third.
Let’s see if the recent announcements in the ecosystem can bring interest in the game and provoke the AXS rally to new heights
The value of Axie Infinity (AXS) jumped 10% from $6.75 to an intraday high of $8 when it was announced that the game was available on the App Store.
Users of iOS devices in some countries in Latin America and Asia can now download the “Axie Infinity: Origins” card game from the official Apple app store.
The number of new gamers in the Axie Infinity ecosystem has surged, but the mood in the market is still far from euphoria.
That means AXS will continue to rise as strategic investors begin to factor in the price implications of this news.
New users streamed into Axie Infinity
The Network Growth Indicator tracks the number of new addresses created on the blockchain network. The graph shows that AXS saw a 300% increase in new additions after a steep decline in April.
While 35 new users joined AXS on May 12 May 17 just 12 hours after the game’s release in the App Store added 137 new locations.
The game is only available in a few regions so far. As soon as it appears in other countries, the rate of creation of new addresses will accelerate.
Along with new gamers the demand for in-game assets will grow, confirming the bullish forecast for AXS.
The BeInCrypto editorial staff previously compiled a ranking of games in which you can earn.
AXS price has yet to win back the news of the listing on the AppStore
Markets have yet to appreciate the implications of Axie Infinity’s appearance in the AppStore in full. Onchain statistics show that, social sentiment around the AXS token remains negative.
The Santiment weighted sentiment indicator, which compares the ratio of positive mentions of the asset to negative mentions, remains deep in the negative zone.
The Santiment weighted sentiment indicator, which compares the ratio of positive mentions of the asset to negative mentions, remains deep in negative territory.
The chart below shows that the AXS sentiment weighted average is still at -0.75.
The rise in price against the negative sentiment is often considered a harbinger of a bullish reversal and seen by strategic investors as a potential entry point.
Social sentiment is still well below the euphoric high recorded on April 20 April at 0.33. This means that AXS remains bullish.
AXS could go back to $11
According to IntoTheBlock, AXS has a chance to go above $11 for the first time since January 2023 year.
To do that, the coin needs to overcome the $8.79 resistance area: 7,640 addresses that bought 130 million AXS tokens at $7 to $8.79 will probably want to partially lock in their profits, thus stopping the rally.
In this case, the AXS tokens have been purchased at $7 to $8.79.
The downtrend may resume if the AXS price falls below the $6.8 support zone. Here grouped together 3 000 holders who bought 1.6 million AXS at an average price of $6.84.