The post AXS Price Gains 21% – Metaverse Excitement Rekindled? appeared on BitcoinEthereumNews.com.

Axie Infinity’s (AXS) 21% price gains over the past have sparked hopes that investor interest could return to the metaverse sector. On-chain analysis examines key factors that could impact AXS price action in the days ahead.  Axie Infinity’s price dropped to a yearly low of $4 on October 19. But since then, many users have sprung into action to avert terminal losses.  Increased User Activity Has Helped Defend the $4 Support AXS price managed to defend the vital $4 support level last week, and on-chain data shows that increased user activity was a major driving factor. As AXS price sank toward $4 on October 19, the Axie Infinity network witnessed a significant increase in user activity, according to data from CryptoQuant. Indicatively, the chart below shows that Axie Infinity had attracted a monthly low of 173 active addresses on October 15. But after a week of consistent increase in user activity, it reached a 3-month peak of 445 active addresses on October 24. Axie Infinity (AXS) Active Addresses vs. Price | Source: CryptoQuant Daily Active Addresses is a standard metric for measuring the user activity level on the blockchain network. An increase in Daily Active Addresses is a bullish signal. This implies that more users are interacting with services built on the network.  And with the AXS native token being utilized more in daily transactions, it quite explains why the recent price performance has been positive.  However, it still remains to be seen if the investors will hold out for the long-term recovery of the metaverse sector or exit at a favorable price point.  Read More:  Top 9 Telegram Channels for Crypto Signals in 2023 Mounting Exchange Reserves Raise Warning Signals of Early Exits Axie Infinity’s 20% price gains over the past week are significantly higher than top mega-cap coins…

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Filed under: News - @ October 26, 2023 4:22 pm