Axie Infinity (AXS) Price Skyrockets By 28%; Will It Breach $10?

As the cryptocurrency market finally sees some green after weeks of uncertainty following the FTX implosion, some assets are outperforming others, including the blockchain gaming token Axie Infinity (AXS).

AXS, which stands for Axie Infinity Shards, is gaining double digits on its daily chart, with its price increasing by 28% in the last 7 days at the time of writing.

As cryptocurrency traders swarm to take advantage of the volatility from the previous weeks to gain some returns on their investments, the decentralized finance (DeFi) token is simultaneously experiencing a massive increase in trading volume.

Why did Axie Infinity (AXS) Price Rise?

The price and trading volume increases for AXS coincide with the announcement of Axie Infinity’s ‘Axie Contributor Initiative,’ which includes the advancement of its progressive decentralization strategy with the Axie community, including the establishment of an ‘Urban Planning’

However, the recent initiative that has led to the uptick in the token’s trading and its price could provide the much-needed impetus for a brighter new year for Axie Infinity’s native token.

Will Axie infinity(AXS) price breach $10?

Following the recent price increase, AXS current price is $8.86. The coin’s overhead resistance was $9, then $9.72. Moving above $9.72 will assist AXS in breaking through the $10 resistance level. The previously mentioned price ceiling has proven difficult for bulls, as the altcoin has been rejected at that level in recent months.

That said, AXS has had a difficult year, as the general bearish market sentiment and wider macroeconomic factors exerted downward or, sideways pressure on the metaverse-focused cryptocurrency, which has declined a whopping 94% since last year November 6 2021 , when it traded at $165. As per given chart on December 5 , AXS has seen a significant bullish move. AXS is currently experiencing some minor consolidation following the initial large move up.

Axie Infinity(AXS) Live Price

As per the coinmarketcap data, currently, Axie Infinity is trading at $8.69 USD, with a 24-hour trading volume In the last 24 hours, Axie Infinity has gained 0.74%, with a live market cap of $873,938,118 USD. It has a total supply of 270,000,000 AXS coins and a circulating supply of 100,564,114 AXS coins.