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Is Axie Infinity (AXS)a good Investment?
Cryptocurrency Axie Infinity, released in 2020, is a popular choice in the Metaverse. P2E, or “play to earn,” is a kind of gaming mechanic in which players may earn prizes for completing activities, such as completing in-game challenges. Axie Infinity users are rewarded with AXS tokens when they participate in the larger ecosystem.
Axies are a kind of digital animal that players must grow and breed in order to complete the game’s end-to-end goal. The Axies may be represented as one-of-a-kind NFTs and sold on the open market after they have been minted. Axie Infinity is based on the Ethereum blockchain, like Decentraland and the Sandbox.
Just $0.15 per token was the price at which the utility token, AXS, was released in early 2020. While it peaked at $165 in November 2021. This equates to an increase of around 110,000%. Because of this, Axie Infinity is an excellent Metaverse cryptocurrency to invest in.
On the daily chart, AXS seemed to be forming a descending triangle (below). A falling triangle is a very negative technical signal, indicating that the P2E token will continue to fall.
As a result, if the price drops below the $12.6 support line of the triangle, it will be an indication that the selling are in control. As a result of the oncoming selling pressure, AXS’s price might plummet as low as…
