Axie Infinity (AXS) has been on a thrilling journey! After hitting a two-year low of $4.20 in September, it's now making a remarkable comeback.
In just the last 10 days, AXS has surged by 43%, going from $4.1 to $5.85. But this isn't just a coincidence tied to the broader crypto market rally.
On-chain data reveals an influx of active gamers in the Axie Infinity ecosystem since mid-October, with daily active addresses hitting a 100-day peak of 484 on October 29. This indicates a strong network activity and user engagement.
The 180% growth in active users has already led to a 43% AXS price recovery. The last time AXS had such active addresses was in July 2021 when prices were over $6. This suggests AXS has the potential to break that resistance.
But it's not just about AXS - the Smooth Love Potion (SLP) used for in-game assets has seen profits soar, with a 53% gain, showing gamers are holding their assets for future utility or profit.
In conclusion, this GameFi resurgence is driven by real gaming activity and asset trading profitability, not just market speculation. AXS could retest $7 and potentially reach $10.
Keep an eye on the $7 price level as it poses some resistance, but if gamers HODL, AXS could see new heights
#AxieInfinity #cryptocurrency #crypto2023 #AXS #BTC