beincrypto.com
After testing $9.50 on April 18, by the close of May 11, Axie Infinity (AXS) price had retraced 28%. However, recent ecosystem announcements have led to positive movements in critical on-chain metrics. Will investors now begin to position for a bullish AXS price prediction?
Axie Infinity (AXS) surged 10% from $6.75 to $7.4 as markets reacted to its recent listing on Apple’s Appstore. The listing will enable Apple device users across Latin America and Asia to download the “Axie Infinity: Origins” card-based strategy game.
At press time, the Axie Infinity ecosystem has already witnessed a 300% spike in new gamers joining the network. With social sentiment still below euphoric levels, AXS price could rise further as strategic investors begin to react to the news.
New Users Flock to Axie Infinity Network
Network Growth tracks the number of fresh wallet addresses created on a blockchain network. After a steep decline in April, the chart below illustrates how AXS Network Growth soared 300% from its recent low a week ago.
On May 12, 35 new users joined the AXS network. Barely 12 hours after Apple Appstore listing on May 17, 137 new addresses had already been created.
With over 1.8 billion active Apple devices worldwide, it’s no surprise that Axie Infinity has experienced an uptick in new users.
The AXS Network Growth could increase when the game becomes available in other Apple AppStore regions beyond LatAm and Asia.
If this uptrend continues, the new gamers’ demand for in-game assets could validate the bullish AXS price prediction.
The Apple AppStore Listing is not Yet Priced In
The markets have not yet priced in the Apple Appstore listing of the Axie Infinity game. According to on-chain data, the social sentiment surrounding the AXS token is still largely negative.
Santiment’s Weighted Sentiment metric, which compares the ratio of positive mentions of an asset to the negatives, still remains deep in the negative zone. The chart below shows that AXS weighted sentiment is still around -0.75.
When Weighted Sentiment trends are negative during a price surge, strategic investors looking to buy at a critical point of a bullish reversal could consider this perfect timing to enter the market.
And with social sentiment still significantly lower than the recent euphoric high of 0.33 recorded on April 20, it suggests that AXS price could still climb considerably higher.
AXS Price Prediction: The Bulls Can Scale $11 Again
According to IntoTheBlock’s Global In/Out of Money (GIOM) data, AXS is likely to rally above $11 again for the first time since January 2023.
But before holders can be confident of the bullish Axie Infinity price prediction, AXS must first scale the $8.79 resistance. At that zone, 7,640 investors that bought 130 million AXS tokens at a maximum price of $8.79 could book profits and inadvertently halt the rally.
But if the positive AXS price prediction plays out, the price will likely rally toward $11.14.
Still, the bearish downtrend could return if AXS price drops below the $6.8 support zone. But the bullish support from 3,000 holders that bought 1.6 million AXS at an average price of $6.84 could prevent the drop.
Although unlikely, failure to hold that $6.84 support could invalidate the bullish AXS price prediction and trigger a drop toward $5.92.