Today we have seen the movement of altcoins in the GameFi sector, and AXS Coin is giving a significant rally signal. Investors had distanced themselves from tokens like GALA, APE, and AXS after the hype in the metaverse sector weakened. The post AXS Coin Shows Signs of a Rally in...
Today we have seen the movement of altcoins in the GameFi sector, and AXS Coin is giving a significant rally signal. Investors had distanced themselves from tokens like GALA, APE, and AXS after the hype in the metaverse sector weakened. However, the optimism that the bear markets are coming to an end and the expectation of growth in the GameFi sector are driving the movement of altcoins.
Axie Infinity (AXS)
When we delve into the network fundamentals, we see that some on-chain data provides more information about the rise of AXS Coin. It appears that the Axie Infinity ecosystem consistently increased the number of active players weeks before the price breakout last week. The number of daily Active Addresses interacting with the Axie Infinity gaming network has increased throughout the month.
As shown in the CryptoQuant chart, there were 173 active addresses on October 15th, and this number reached the peak of 484 addresses in 100 days on October 29th.
The MVRV ratio of SLP is increasing, indicating that players in the network are making more profits. Therefore, ecosystem participants who own AXS Coin have fewer reasons to sell, and this should push the price up.
How Much Will AXS Be Worth?
On-chain cost data initially shows that the $7 target can be tested for AXS Coin. If this rally is not suffocated by profit-taking, investors can aim for double-digit peaks. The price of AXS Coin, which has not exceeded $10 since March 2023, seems to be able to surpass this critical threshold depending on investor behavior this time.
In case of a pullback in price, the $4.65 support is currently valid.