Axie Infinity (AXS) is a GameFi token with a virtual world and game featuring Axies from the NFT collection. AXS has dropped nearly 45% in value over the past two months as the AXS price has been in a downward trend since April, from $11.10 on April 1 to $6.20 on June 28, at the time of writing. .

NFT’s Axies collection has generated more monthly on-chain revenue than most other NFTs, according to data from DeFiLlama.

AXS suffers 45% correction since April, Axies maintains popularity

Data from information tracker DeFiLlama shows that Axies' monthly active users increased by 690%, from 26,500 to 209,600 between April and June 2024. This top NFT collection is generates higher monthly on-chain revenue than other NFTs, as seen in the chart below.

NFT collection 30-day on-chain revenue

The co-founder of Axie Infinity shared statistics from Coinbase's learn-to-earn campaign in mid-June. Jihoz revealed key details of the campaign, showing surging demand for NFTs and the Their importance for traders:

  • 236,000 participants interacted with Axies

    • 202,000 Axies were purchased

    • Axie Treasury recorded a 99% increase in weekly fees, from $50,685 to $100,843, in the first ten days of the campaign.

The AXS/USDT daily chart shows that the price of the GameFi token  dropped 45% during the same period that the Axies collection recorded an increase in revenue and monthly active users. It is likely that token prices cannot keep up with the popularity of NFT collectibles.

Axie Infinity's AXS could rise another 6% and rise to the Fair Value Gap at $6,661, as seen in the chart below. The GameFi token could steadily progress towards recovering from the 45% correction.

The MACD momentum indicator supports the bullish thesis, with the MACD line crossing above the signal line and the histogram turning green, suggesting that AXS's price trend is likely to continue to the upside, as seen in the chart below. This.

AXS/USDT daily chart

If AXS fails to extend its upward momentum, it could find support in the fair value gap between $5,996 and $6,036.

*The MACD indicator is a technical analysis tool used to identify price trends and potential buy and sell points in the financial markets. MACD is calculated by taking the difference of two exponential moving averages (EMAs), usually the 12-day EMA and the 26-day EMA. This indicator consists of three main components:

  1. MACD line: is the difference between 12-day EMA and 26-day EMA.

  2. Signal line: is the 9-day EMA of the MACD line.

  3. Histogram: is the difference between the MACD line and the signal line, displayed as columns.

When the MACD line crosses above the signal line, it may indicate a buy signal. Conversely, when the MACD line crosses below the signal line, it may indicate a sell signal. The histogram helps determine the strength of the price trend, and the slope of the bars indicates the rate of change of the trend.


Source: https://tapchibitcoin.io/gia-axie-infinity-axs-giam-45-ke-tu-thang-4-mac-du-so-luong-dia-chi-hoat-dong-cua-axies- tang-gan-700.html