As the 61.8% Fibonacci retracement widens, the Axie Infinity value forecast is still optimistic. Axie Infinity made a strong comeback the previous day and is up more than 20%.
The play-to-win games system
Due to the growth of crypto-based gamified systems, the play-to-earn (P2E) apps have gained popularity in 2021. Axie Infinite’s creator claims that such apps like old school Tamagochi take-away electronic animals served as inspiration. The use of NFTs is to symbolize distinct species, desirable traits, and particular pieces of land. The P2E platform’s AXS token reportedly reached the highest price of more than one hundred- and fifty-dollars last November, according to CoinMarketCap.
AXS’s share price dropped to $8.21 on October 24—a 52-week low. However, it has since returned and is currently trading at about ten dollars. Nevertheless, the uptrend can only be partially supported by fundamentals. Popular blockchain-based online game Axie Infinity (AXS) has seen a sharp decline in player activity in recent months.
Averaging seven hundred thousand gamers over the previous month, the game’s popularity has decreased below the level seen in January 2021. From 1.955 million in September 2022 to 739,000 in September 2021, there were fewer monthly unique users of non-fungible token-based games (NFT).
According to data gathered by the gaming industry website Activeplayer, Axie Infinity saw an average of about 850,000 players per month between 2021 and January 30, 2022. This is twenty percent more than it was at the beginning of this Fall.
The future price
AXS ended a fifty percent retracement, and a preceding that degree would suggest a potential optimistic change of state. On the other hand, if $11.08 is broken, AXS may run into opposition and the price may move toward $11.80. Indicators such as the RSI and MACD are likewise bullish.
The most significant obstacles to the widespread adoption of Web-3 games. Stakeholders acknowledge the potential of Web-3 apps, but gamers do not. That is the main reason why the NFT-based games are not so widespread.