Axie Infinity, one of many largest success tales on this planet of decentralized gaming, had a tough patch some time again. First, the broader market started falling after November 2021, flattening all altcoins together with it. AXS, its native token, misplaced practically 75% within the subsequent two months.
Quickly after, it began consolidating on the charts. Then, the Ronin hack occurred, an episode throughout which cryptocurrencies value near $625 million have been stolen by hackers. The altcoin’s worth motion, nevertheless, didn’t react to that information an excessive amount of.
Hassle on the playing cards?
On the charts, the worth has been consolidating in a broad vary, roughly between $50-70.
$70 has turned out to be a nonetheless degree of resistance which might be laborious to interrupt. Nevertheless, the excellent news is that the worth is buying and selling very near that resistance and any sudden spurt of positivity can push the alt’s worth above it.

AXS/USDT | Supply: Tradingview
With the RSI at snug ranges round 62, an extra rally from this level on wouldn’t be that tough, supplied the market situations are proper.
On-chain metrics appeared to recommend rising conviction and optimism amongst traders and stakeholders within the Axie Infinity ecosystem. One of many largest jumps when it comes to on-chain metrics for AXS needs to be the event exercise.
It noticed a large soar on 24 March, whereas additionally sustaining these ranges for over every week and a half.

Improvement Exercise | Supply: Santiment
Comparable to the aforementioned uptick, the token additionally noticed one of many largest quantity spikes on the blockchain in 2022. This was adopted by a hefty hike in worth too – additional lending weight to the general bullishness.
As may be inferred from the chart connected herein, each worth rally in March has been accompanied by sturdy volumes.
Positivity abound

Volumes | Supply: Santiment
In direction of the top of March, in accordance with knowledge from Santiment, AXS additionally noticed a significant dip within the MVRV-Z rating. This, even though there was solely a minor dip in worth on the similar time. This means that the market worth is way beneath realized worth. Traditionally, shopping for in throughout these durations has produced outsized returns due to its enticing valuations.
Ergo, all issues thought-about, traders aren’t too scared to dump their holdings and exit their place in AXS simply but. Indications recommend conviction continues to be there within the coin and the gaming ecosystem as a complete. So, shopping for in may be a good suggestion within the mid to long run.