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That's why Axie Infinity is up 15% in the last 24 hours

 


Axie Infinity is the best performer among the top 50 cryptocurrencies by market cap.


The cryptocurrency market has performed well over the past 24 hours and the total market cap could soon surpass $1.8 trillion. The market is up nearly 3% in the last 24 hours, which is positive given its performance over the past few days.


Bitcoin, the world's largest cryptocurrency by market cap, may soon reach the psychological $40,000 level after gaining 1.6% in value over the past few hours. Ether remains the second largest coin and is also trading in the green. ETH is likely to break the USD 3,000 resistance level soon.


AXS, the native token of the Axie Infinity gaming ecosystem, is the best performer among the top 50 cryptocurrencies by market cap. AXS has increased in value by 15% in the last 24 hours and is now trading above $34 per coin.


The rally comes after the Axie Infinity team launched a token burn tool for their SLP token . Smooth Love Potion (SLP) is the in-game asset of the popular blockchain-based gaming metaverse Axie Infinity.


The tool would allow tournament organizers to activate SLP buy-ins, which will be burned to balance the economy.

The 4-hour chart of AXS/USD is showing that Axie Infinity is recovering from its recent plunge. The MACD line remains below the neutral zone, but it could turn into the positive zone soon if the rally continues.


The 14-day relative strength index of 59 shows that AXS could enter overbought territory soon.


If the bulls remain in control, AXS could surpass the first major resistance level at $38.90 before the end of the day. However, the second major resistance level at $48.87 should limit further upside in the short-term.

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