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Not Axie Infinity, But Meme Kombat is The Gaming Token in 2024

Press Releases Crypto News BeInCrypto Not Axie Infinity, But Meme Kombat is The Gaming Token in 2024

Axie Infinity’s native token AXS saw intense volatility this week. After crashing from over $9 down below $8 amidst broader crypto market downturn, AXS prices consolidated around the $8.13 level. However, while Axie Infinity pioneered the play-to-earn gaming concept, a new token is set to take the crypto-gaming crown in 2024 – Meme Kombat.

For the uninitiated, Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Inspired by popular games like Pokémon and Tamagotchi, Axie Infinity allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.

AXS Price Analysis

After failing to break out from an ascending channel, AXS prices dropped below $9 before finding support around $8. We now await a second attempt to break past the $9.50 resistance level. Clearing this would resume the ongoing uptrend, with the next target at $12.50. To invalidate the bullish outlook, prices need to close below the $8.50 swing low.

Zooming out, AXS remains in a long-term uptrend across the shorter and longer timeframes, reports altFINS. However, bearish MACD divergence shows waning upside momentum. The RSI hovers at 50, reflecting the consolidation.

Source: altFINS

Strong support exists around $7.00, which had previously flipped to resistance. Below that sits the psychological $6.00 level. To the upside, the channel resistance turned support near $9.50 is the initial test. A daily close above that sets sights on $12.50 next.

AXS’s current market cap stands at around $1.1 billion, a far cry from its 2021 peak of $44 billion.

Some analysts believe the gaming industry will be one of the top-performing sectors in the next crypto bull run expected around 2024/2025. For example, influencer Michaël van de Poppe tweeted to his 670k+ followers: “Metaverse, Gaming, and AI are still going to be massive. Small caps can generate a significant return…”

So which gam

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Author: BeInCrypto Team

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