Can Axie Infinity [AXS] eliminate investor uncertainty with this new offering?
Axie Infinity’s AXS token retraced below $15 in the first week of July after a brief rally towards the end of June. Its latest performance has been characterized by ranging price action, indicating a lack of directional price pressure.
AXS’ current predicament suggests that investors are currently going through a phase of uncertainty. As a result, AXS lacks enough bullish pressure to push it out of its current range. The price seems to have dropped low enough to create a new price floor just above $13. However, there is one key observation that might aid AXS’ long-term price action.
One of the reasons why investors might have some uncertainties regarding Axie Infinity is the network’s fading hype as compared to 2021. Fortunately, the Axie Infinity team has demonstrated their commitment to the project through their latest offering called Origin.
<p lang=«en» dir=«ltr» xml:lang=«en»>Seeing an influx of new @AxieInfinity Origin content creators and streamers lately, not to mention the number of people that are jumping in the Origin craze!This is the way. pic.twitter.com/BPQBbLigPz
— ExtraRai.eth (@extrarai_) July 6, 2022
Axie Infinity is banking on Origin to maintain healthy activity in its ecosystem. However, it is still too early to tell if this approach will help usher in the next growth phase. AXS’ current support level seems to be holding well. Failure to gain enough traction might potentially lead to a retest of sub $10 prices. On the other hand, a decent rally might potentially bring more confidence to investors. AXS traded at $14.37 at press time after tanking by 4.55% in the last 24 hours.
Source: Tradingview
AXS’ Relative Strength Index (RSI) has been struggling to push back to the 50 level while the Money Flow Index
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