AXS grows by 20% in 24 hours; are holders looking at a brighter future

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  • Axie Infin­i­ty com­menced its plans to achieve a pro­gres­sive decen­tral­iza­tion continuum
  • AXS has grown by 20% in the last 24 hours

On 5 Novem­ber, play-to-earn Game­Fi project Axie Infin­i­ty [AXS] announced its plans for the pro­gres­sive decen­tral­iza­tion of its gam­ing uni­verse. This caused the val­ue of its soon-to-be gov­er­nance token AXS to ral­ly by 20% in the last 24 hours, data from Coin­Mar­ket­Cap showed.


Read Axie Infinity’s [AXS] Price Pre­dic­tion for 2023–24


In the pub­li­ca­tion titled “Axie Con­trib­u­tor Ini­tia­tive Kick­off,” Axie Infin­i­ty con­firmed that its decen­tral­iza­tion strat­e­gy would be chan­neled towards build­ing an end-state where com­mu­ni­ty mem­bers who make mean­ing­ful con­tri­bu­tions would be in charge of the deci­sion-mak­ing process on the Axie Infin­i­ty ecosystem.

Axie Infinity sees growth

With AXS tokens worth over $719 mil­lion trad­ed with­in the last 24 hours, its trad­ing vol­ume was up by over 1000%. Per data from San­ti­ment, this rep­re­sent­ed the high­est vol­ume of AXS trad­ed dai­ly in the last six months. 

Source: San­ti­ment

An assess­ment of AXS on the dai­ly chart revealed that buy­ers had con­trol over the mar­ket. With sig­nif­i­cant AXS accu­mu­la­tion ongo­ing, key indi­ca­tors were posi­tioned far above their neu­tral spots at the time of writing.

The Rel­a­tive Strength Index (RSI) was at 61.66, an uptrend. Sim­i­lar­ly, AXS’ Mon­ey Flow Index (MFI) was posi­tioned at 73.80 at press time. This indi­cat­ed a ral­ly in token accumulation.

AXS favors the buyers

The posi­tion of AXS’s Chaikin Mon­ey Flow (CMF) con­firmed that buy­ing pres­sure was on the high side. As of this writ­ing, the indicator’s dynam­ic line (green) rest­ed above the cen­ter line at 0.08. 

Fur­ther, a look at the Direc­tion­al Move­ment Index (DMI) showed that the buy­ers’ strength (green) at 47.23 was solid­ly above the sell­ers’ (red) at 9.83, plac­ing the buy­ers in control. 

Source: Trad­ingView

This price ral­ly offered much-need­ed tem­po­rary relief to AXS hold­ers who dealt with a drop in price fol­low­ing FTX’s sup­ply. The token’s weight­ed sen­ti­ment had been neg­a­tive for the past few days. How­ev­er, it imme­di­ate­ly turned pos­i­tive as AXS hold­ers expect­ed its price to climb as long as the cur­rent buy­ing momen­tum was maintained. 

Source: San­ti­ment

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