{"id":302601,"date":"2021-07-19T17:44:55","date_gmt":"2021-07-19T14:44:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/axie-infinity-axs-axes-almost-half-its-value-following-971-bull-run\/"},"modified":"2021-07-19T17:44:55","modified_gmt":"2021-07-19T14:44:55","slug":"axie-infinity-axs-axes-almost-half-its-value-following-971-bull-run","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/axie-infinity-axs-axes-almost-half-its-value-following-971-bull-run\/","title":{"rendered":"# Axie Infinity (AXS) axes almost half its value following 971% bull run"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bd6ef7fd71\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bd6ef7fd71\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/axie-infinity-axs-axes-almost-half-its-value-following-971-bull-run\/#AXS_price_Fib_fractal\" >AXS price Fib fractal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/axie-infinity-axs-axes-almost-half-its-value-following-971-bull-run\/#Fundamentals\" >Fundamentals<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Axie Infinity (AXS) axes almost half its value following 971% bull run <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>A supersonic rally in the Axie Infinity market that saw its native token AXS surge by 972% in just 23 days is now risking exhaustion.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"AXS_price_Fib_fractal\"><\/span>AXS price Fib fractal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The AXS\/USD exchange rate plunged to as low as $16.02 on Monday, four days after topping out at $29.86. In doing so, the pair attempted to neutralize its extremely overbought sentiments, as flashed by its daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/terms\/r\/rsi.asp\">relative strength index<\/a> (RSI) that treaded above 84 last week, showcasing profit-taking sentiment among investors.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/b2cb3a3f-46eb-4769-8309-d55e6fe933cc.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Comparing Axie Infinity&#8217;s current and mid-March Fibonacci setup. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>AXS\/USD showed signs of rebound at $16.38, a level that coincides with the 61.8% Fib level that\u2014in turn\u2014constitutes a Fibonacci retracement graph made from $23.98-swing high to $4.07-swing low. The two levels represent the top and bottom of the AXS\/USD\u2019s current curve range.<\/p>\n<p>Additional support came from the pair&#8217;s 20-day exponential moving average (20-day EMA; the green wave). The wave (now near $15.38) was instrumental in strengthening AXS\/USD\u2019s upside bias at the beginning of this year, c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing wild downside retracements and sending prices in the direction of their previous uptrend.<\/p>\n<p>Previous top-to-bottom Fib retracement setups present th 38.2% Fib level as a key reversal indicator. For example, AXD\/USD rebounded by almost 225% after testing $3.62\u2014the 38.2% Fib level during the late March 2021&#8217;s pullback move. <\/p>\n<p>Similarly, the level held the AXS\/USD&#8217;s bearish attempts during April-May before giving up and paving the way for a price crash, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/366e9537-9725-47ba-b9ab-26bed241272c.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Comparing Axie Infinity&#8217;s current and April-May Fibonacci setup. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>Therefore, the previous fractal hints at an extended downside correction for the Axie Infinity token in the sessions ahead. As a result, the current 38.2% Fib level ($11.68) serves as the interim profit target for bears.<\/p>\n<p>Nonetheless, breaking below the 38.2% Fib level could expose AXS\/USD to the support confluence of 23.6% Fib level ($8.77) and the 50-day simple moving average (around $8.29).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fundamentals\"><\/span>Fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite its latest bearish move, AXS was up more than 2,5000% on a year-to-date timeframe.<\/p>\n<p>In detail, the cryptocurrency serves as a governance token at Axie Infinity, a nonfungible token-based online video <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> developed by a Vietnamese studio Sky Mavis. Players get to compete and win rewards in an in-house token called Small Love Potion (SLN). In turn, they could use SLN to breed digital pets, called Axies, inside the game.<\/p>\n<p>By doing so, dedicated players can make between 100 to 200 SLP tokens a day on average. That roughly equals $77.8 to $155.6 a day, per the current exchange rate of $0.77 per token.<\/p>\n<p>The play-to-earn feature has been received well by crypto-philes. Just last week, Axie Infinity raked in over $84M in fees in the last 30 days, more than Bitcoin and Ethereum made in protocol revenue, and more than all the top decentralized finance apps, including PancakeSwap, MetaMask, MakerDAO, Synthetix, and others.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/e551cf45-a4e8-464d-a355-e65e834c5977.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Axie Infinity revenue versus other decentralized finance protocols. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p>Moreover, while AXS can be exchanged on other platforms, 97% of its volume comes from the Axie Marketplace, a dedicated portal to trade digital pets, which, in turn, passes the fees to the Axie Treasury.<\/p>\n<p>According to Axie World, the Treasury now holds about $23.42mm in marketplace fee and $76.15M in breeding fees (fee charged to breed digital pets).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/37f9c73c-de52-4ebc-bbb6-52cbc2fc853d.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Axie Treasury is now valued at $99.57mm. Source: Axie World<\/em><\/figcaption><\/figure>\n<p>In turn, the fee is given as a weekly yield to users who stake AXS to run and govern the Axie Protocol.<\/p>\n<p>&#8220;Axie Infinity has set itself apart from the rest of the pack \u2013 crypto games \u2013 and continues to rise,&#8221; commented\u00a0Mason Nystrom, a researcher at Messari, adding:<\/p>\n<blockquote><p>&#8220;The next major milestone will be the launch of the alpha of its virtual world, Lunacia in Q4.&#8221;<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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AXS price Fib fractal The AXS\/USD exchange rate plunged to as low as $16.02 on Monday,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":302602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvYzI0NGFlZmUtYmQ5Ni00MTc0LWExZGMtN2I2NjVkMWE3ZDFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75302,79806,74939,75150,78261,73785],"class_list":["post-302601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-altcoins","tag-analysis","tag-market-analysis","tag-market-update","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/302601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=302601"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/302601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/302602"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=302601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=302601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=302601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}