The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Will MANA, Sandbox direct Axie Infinity’s price action going forward

by Miki 11/25/2021
by Miki 11/25/2021 0 comment

Over the last 12 months, Axie Infinity has charted a massive yearly ROI of 28,880.21% v. USD. In fact, the surge of AXS better puts the surge of blockchain gaming in perspective. The asset’s daily active users (DAU) and marketplace volumes have noted a tremendous surge over time. 

At this point in time, Axie Infinity has carved a niche for itself in the blockchain gaming space. And yet, its price action has been rather dull since early October.

AXS’s price has been oscillating between the $120 and $157-mark since 1 October, after rising by almost 138% in just over a week towards the end of September. Since then, however, Axie’s price, despite the blockchain gaming and Metaverse hype, has failed to make any major moves.

Curiously, Metaverse tokens like MANA and Sandbox are charting new ATHs. There have been speculations around a price breakout for Axie as well. However, lately, all have gone in vain. Ergo, the pertinent question is this – What is Axie waiting for?

AXS’s inverse correlation playing spoilsport 

Over the last month, analysts have noted an interesting inverse correlation between Axie Infinity and DeFi’s blue-chip projects – Sandbox and MANA. Notably, when the two assets rallied, AXS saw consolidation. However, when AXS rallied, the two failed to make new moves.

The same trend was seen in early September when AXS was rallying while MANA and SAND consolidated.  

Even so, for now, metrics for Axie seemed to be aligning. Adoption and higher participation on Axie Infinity’s Ethereum-linked sidechain Ronin are indicative of the same. Just recently, the daily active addresses on Ronin hit a new high, going past 1.1 million daily active addresses. 

Source: WuBlockchain

In fact, a previous article had highlighted how Ronin’s inflows going up have affected AXS’s inflows too. However, at press time, AXS’s correlation with BTC shared a high positive value of 0.52. This too could be negatively affecting the altcoin’s trajectory, with BTC itself consolidating near the $55k-level. 

Source: IntoTheBlock

HODLers to the rescue?

Interestingly, a hike in AXS’s HODLers was seen this month while cruisers continued to dominate the ownership stats. Looking at the ownership stats by time held, it was evident that HODLers were missing from the scene till October. And, the return of this cohort could play out well for AXS’s price in the long term. 

Source: IntoTheBlock

Furthermore, the alt’s active addresses maintained the same levels even though the price trajectory weakened over time. This too was a good sign, alongside the decreasing percentage of supply on exchanges. 

However, despite the decent on-chain activity, gaming token Axie Infinity has failed to recover from its latest price drop. 

At the time of writing, AXS’s price had risen by close to 12% as BTC continued to consolidate. If the altcoin makes and sustains a move above the $145-mark with enough retail euphoria, AXS too could see a decent rally going forward. Especially now since the alt’s RSI over a longer timeframe has finally noted an uptick too. 



Source link

Views: 4
actionAxieDirectInfinitysMANApriceSandbox
Share
0
FacebookTwitterPinterestEmail
previous post
Trade over 2000+ cryptocurrencies in Dubai with cash By BTC Peers
next post
eToro Delists Cardano and TRON for US Users Amidst Regulatory Issues

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • US Congressmen Pushing for SEC Chairman Gary Gensler to Approve Bitcoin Spot ETF

  • Ethereum’s London network upgrade goes live on Goerli testnet

  • SEC Fails to Request Access Ripple’s Communications

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,837.001.80%
  • ethereumEthereum(ETH)$1,978.330.59%
  • tetherTether(USDT)$1.00-0.09%
  • binancecoinBNB(BNB)$332.943.59%
  • usd-coinUSD Coin(USDC)$1.000.15%
  • rippleXRP(XRP)$0.402909-1.10%
  • Binance USDBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.521.05%
  • SolanaSolana(SOL)$49.250.20%
  • polkadotPolkadot(DOT)$10.062.45%
  • dogecoinDogecoin(DOGE)$0.0840231.09%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,826.001.96%
  • Lido Staked EtherLido Staked Ether(STETH)$1,936.520.66%
  • AvalancheAvalanche(AVAX)$28.66-0.29%
  • tronTRON(TRX)$0.0809390.75%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.0000120.22%
  • daiDai(DAI)$1.000.06%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.59-0.08%
  • CronosCronos(CRO)$0.1890631.64%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.880.65%
  • matic-networkPolygon(MATIC)$0.642.14%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.871.89%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$29.710.42%
  • bitcoin-cashBitcoin Cash(BCH)$193.772.13%
  • RareRare(RARE)$0.0461220.00%
  • moneroMonero(XMR)$197.946.10%