- Axie Infinity recently launched Ronin, the governance token of its blockchain, a side chain of the Ethereum network.
- The play-to-earn game is close to hitting an important milestone with the release of 100,000 Axies.
- Analysts have predicted that Axie Infinity could complete its recovery from the recent altcoin shakeout.
Axie Infinity hit a key milestone with the release of 97,556 Axies. Analysts have a bullish outlook and believe that Axie Infinity could continue its uptrend.
Axie Infinity prepares for bullish breakout after hitting key milestone
Axie Infinity recently hit an important milestone with the release of nearly 100,000 Axies. The play-to-earn game recently launched the governance token of the Ronin chain, another step in the direction of decentralizing the network.
Almost 100 K Axies released!
— Axie Infinity (@AxieInfinity) January 31, 2022
Happy LNY! pic.twitter.com/BvgxcbsmTy
Axie Infinity has gained popularity as a play-to-earn game, and the governance token's launch has boosted the on-chain activity of the token. The side chain of the Ethereum network, Ronin, is on track to get further decentralized.
The Ronin wallet connects over 300,000 active addresses on the Ethereum side chain. In 2021, Ronin handled 15% of overall NFT transactions.
Analysts have evaluated the Axie Infinity price trend and predicted recovery from the drop in the recent bloodbath. @RAFAEL_A_RIGO, a crypto analyst and trader, believes that the Axie Infinity price could rally, and the current price is in the buy zone.
$AXS UPDATE
— ⭐️ RAFAELA RIGO ⭐️ (@RAFAEL_A_RIGO_) January 31, 2022
80% gains going down, now time to make gains going up. This is a spot buying level for me pic.twitter.com/bTZRqtTxTf
@AltcoinSherpa predicts that the Axie Infinity price drop was the final shakeout before complete recovery in the play-to-earn gaming token.
Some notes on #Altcoin recoveries from the last May shakeout. The best performing coins had similar charts- these are primarily seen with a ranging consolidation right after the big shakeout. $AXS $DOT $FTM and others pic.twitter.com/C5wV8Yafhk
— Altcoin Sherpa (@AltcoinSherpa) January 31, 2022
@ssss4321_s, a pseudonymous crypto analyst, noted a W formation in the Axie Infinity price trend. The analyst is bullish on Axie Infinity and predicted a rally in the gaming token.
$AXS "w" formation in the red pic.twitter.com/MT0Tos4heu
— SS (@sss4321_s) January 31, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?