- Axie Infinity price is consolidating just below its all-time high, intimating a 26% breakout.
- The $100,000 Esports program seems to be coming along as the game’s protocol revenue far surpasses that of Ethereum.
- A breach of the $63.12 support level will confirm a bearish breakout to $49.80.
Axie Infinity price is coiling up after setting up a new all-time high on August 11. The consolidation could lead to a 20% move that pushes it into a price discovery phase or lead to a retracement to stable support barriers.
Rising popularity, Esports grant and phishing attacks
Axie Infinity gained popularity during the deep consolidation phase of Bitcoin and almost all altcoins. Due to the sudden spike in its userbase, AXS price also saw exponential growth. Interestingly, this ascent does not seem to be short-lived as it keeps setting up new all-time highs.
This growth can be seen in the cumulative protocol revenue for Axie Infinity, which stands at $334 million, almost 2.2 times more than the second largest altcoin, Ethereum.
AXS Cumulative protocol revenue chart
While this chart paints a picture of the activity going on in the Axie Infinity metaverse, the Esports grant announced by Mavis Capital on July 15 is coming along, according to their program lead, Andrew Campbell.
Campbell took to Twitter as he stated,
I know we've been a little quiet about this esports grant; however, things are progressing nicely!
We have a draft of a calendar just about ready for release. The esports server is online and finishing the last round of testing.
The Esports grant set aside 5,000 AXS tokens currently worth $340,830, threefold higher since the announcement almost a month ago.
While the Esports event will give it massive exposure and probably help onboard new users, Axie Infinity is plagued with scammers using phishing techniques to steal accounts and clear out players’ wallets.
On this topic, Campbell adds,
we are constantly taking down fake scams, apps, and impersonators but it's an arms race... always working on improving our processes here and utilizing new tools to issue takedowns.
AXS price coils up for a big move
Axie Infinity price has been coiling up since setting up an all-time high at $77.50 on August 11. If the buyers make a comeback, AXS will try to take a jab at $77.50. A decisive 4-hour candlestick close above $77.50 will confirm a bullish breakout.
In such a case, Axie Infinity price might make a run at the 161.8% Fibonacci extension level at $84.70, creating a new all-time high. From the current position, this move would constitute a 25% upswing.
AXS/USDT 4-hour chart
On the other hand, if the buyers fail to propel AXS higher, investors can expect a retest of the $63.12 support barrier. A breach of this level will confirm a bearish breakout and could lead to a 15% downswing that tags the previous all-time high at $53.44, a 20% downswing.
In some cases, AXS might also retest the $49.80 demand barrier.
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.