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- 1 Active addresses reflect user participation in transactions over time, showing a decline in activity and potential impact on AXS price.
- 2 The Axie Infinity price asset plunged below the 20-day and 50-day EMA bands, reliant on the sellers’ surge could deteriorate more.
The price of AXS asset has been displaying bearish behavior and has been declining consistently on the daily chart, indicating a potential further downward trend. The asset’s performance was poor last week and last month, with a drop of -3.59% and -25.95%, respectively, which suggests a stable downtrend.
The price of Axie Infinity crypto has significantly dropped in recent times. This decline was evident as the price plunged from a crucial level of approximately $13.50 on the chart.
AXS crypto is deteriorating at faster pace, as it meets the resistance level and could dive to new lows from the current price. The Axie Infinity price asset plunged below the 20-day and 50-day EMA bands.
Likewise, the AXS price asset is displaying bearish characteristics as MACD is below the zero line at -0.73 and the RSI is falling smoothly below the median line at 41.60, implying that the Axie Infinity asset is losing momentum and can achieve new depths in the coming sessions.
At press time, the AXS crypto had experienced a 1.99% decline in the last 24 hours to $9.36. Therefore, if the Axie Infinity price fails to stay above the $8.50 level, it could decline further and reach lower lows.
However, if the demand for the crypto remains high, the AXS asset price could bounce back from the current level by surpassing the below trendline. The next goal for Axie Infinity is to reach $11.0 and $12.0.
AXS Volume Analysis
Upon examining the AXS chart, it becomes evident that there was a surge in trading volume on or around March 10th, 2024. This increase in volume suggests that there was a notable uptick in both interest and market activity regarding the Axie Infinity token at that particular moment in time. It is worth noting that the volume had previously surpassed the $600 Million mark.
However, from March 11th, 2024 onwards, volume continued to fall, and a significant descent in AXS activity was observed which illustrated decreased demand and excitement about Axie Infinity price. The trading volume depleted from $600 Million to the low of $250 Million by April 8th on the chart.
AXS Crypto Active Addresses Declining
The count of active addresses in the AXS refers to the number of unique addresses of Axie Infinity users who have participated in one or more transactions within a specific timeframe.
Within the last hour, there were 31 transactions, in the past 24 hours, the number of transactions involving different addresses in Axie Infinity was 357, in the past 7 days were 1529, and in the last 30 days, there were 6907 transactions involving unique addresses in the AXS asset.
This data indicates that the number of people who are involved in using and trading the AXS is decreasing. As a result, the demand and value for the Axie Infinity price may also be decreasing due to the decreasing number of active addresses over time. These terms are used to highlight the short-term and long-term trends of AXS crypto’s activity and its adoption.
Summary
The AXS asset price is falling, showing bearish signs on the daily chart. Last week and last month saw poor performances with drops of 3.59% and 25.95%, indicating a stable downtrend.
From March 11th, 2024, AXS volume fell significantly, indicating decreased demand for Axie Infinity. Trading volume dropped from $600 Million to $250 Million by April 8th. Active addresses reflect user participation in transactions over time, showing a decline in activity and potential impact on AXS value.
Technical Levels
Support Levels: $8.50
Resistance Levels: $11.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
