Common “play-to-earn” game funds Investors and crypto experts are extremely intrigued in Axie Infinity (AXS). Recently, prominent crypto analysts Ali and Captain Faibik looked at AXS and found it might have a good breakout based on important technical trends and signs.
Experts have seen an inverted head-and-shoulders pattern on the AXS weekly chart. This common sign can sometimes mean the end of a bearish period and the start of a positive one.
Ali says that if the price breaks through the $13 resistance mark, it could start a movement that pushes the price to $22 or higher. Captain Faibik agrees and says there has been an upward trend over the last eight hours.
Faibik noted a clear break from a significant declining logarithmic trend and said AXS might expect a near-term jump of up to 40% following a retest phase.
Axie Infinity struggles greatly despite these encouraging technological indicators, including a notable drop in user involvement. Following a February 2022 meltdown, the token fell by 95% from its all-time high of $164 in November 2021.
Axie Infinity Market Trends
AXS is trading at about $7.72, up 8% over the previous week and indicating a 0.9% increase over the past 24 hours. Driven by the expectation of Altcoin ETFs’ approval, especially for Ethereum, this price rise fits a more general optimistic trend in the worldwide crypto market.
Valued at about $1.1 billion and with a 24-hour trading volume of slightly over $41 million, Axie Infinity ranks 87th in cryptocurrency market capitalization. However, its network metrics have dropped; unique active wallets (UAW) and volume dropped by 5% and 49%, respectively, over the past 24 hours. DappRadar data shows the current UAW at 43,500, and volume somewhat approaches $1 million.
Complicating these commercial dynamics, a recent security hack included Jeff “Jihoz” Zirlin, co-founder of Sky Mavis, the business behind Axie Infinity. After Zirlin’s crypto wallets were hacked in February, approximately $10 million in several cryptocurrencies—mostly RON, the native currency of Ronin Chain, an Ethereum sidechain meant for Axie Infinity—were stolen.
Zirlin confirmed that the hack only affected his accounts and did not affect how the Ronin chain worked or what Sky Mavis did. He emphasized that all operations linked to the chain had to follow strict security rules and reminded everyone that the people who stole private keys had nothing to do with the company’s internal systems.
Zirlin is looking ahead and committed to giving customers Axie Infinity economic freedom, even with this setback.
