Axie Infinity (AXS) Gearing Up to Test Pivot Point Despite Sale of Genesis Virtual Land
Axie Infinity (AXS) is making its way higher on Friday on the back of a successful sale of an “extremely rare” piece of virtual land within its ecosystem during the previous session. At the time of writing, AXS/USD is trading at around $134.98.
Called the “Genesis” plot, one of the most popular P2E crypto games sold off the plot for 550 ETH, or nearly $2.5 million. As one of the rarest plots available in the game, with only 220 in existence, the transaction further propels the value and appeal of the metaverse and the GameFi movement, offering a whole new emerging use case for the world of cryptos.
Axie Infinity has had a busy few months, going on to be crowned as the most traded NFT collection till date during Q3 2021 within a year of its existence. Pioneering the play-to-earn (P2E) movement, the likes of Axie Infinity have added more crypto users to the market, with estimates by the game’s co-founder suggesting a DAU of around two million.
Earlier this week, Axie Infinity got another boost following the release of a Grayscale report indicating how crypto cloud economies and the Metaverse are driving the evolution in the Web 3.0 space lately. The leading digital asset management firm estimates the wider metaverse market to be worth at least $1 trillion, receiving quite the attention ever since Facebook announced its decision to rebrand to Meta.
According to another interesting report from WhaleStats, AXS is among the top altcoins being purchased by leading Ethereum whales who are diversifying their portfolios using the profits from the second largest cryptocurrency. The report looks at the buying activity among the top 1,000 ETH holders, and Axie Infinity comes in as the second most popular blockchain gaming altcoin they are investing in.
AXS/USD Technical Analysis
On the 4-hour chart of AXS/USD, we find a bearish bias among most of the moving averages along with leading technical indicators MACD and momentum. However, the 200 EMA suggests some interest among buyers as well.
Axie Infinity’s price sits just above the pivot point at $132.28 which could be tested if more sellers enter the market now. However, if buying pressure builds up, keep an eye on the immediate resistance at $144.34 which could be tested in this case.
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