- Axie Infinity price has jumped ahead of the new Origin Ear Cards launch.
- Other NFT-related coins like ApeCoin, Enjin, and Smooth Love Portion have recovered.
Non-Fungible Token (NFT) focused cryptocurrencies are having a good day as investors increase their bets in the industry. The Axie Infinity price jumped to the highest level since February 17th, bringing its market value to over $4 billion. Similarly, Smooth Love Portion, ApeCoin, and Enjin Coin prices have jumped by double digits in the past 24 hours.
NFTs makes a comeback
The NFT industry has been under intense pressure lately as investors question whether the industry will keep doing well in a high-interest rate environment. As a result, most coins that have an NFT component like Decentraland and Sandbox have all dropped sharply.
Recently, however, the volume of NFT trades has jumped. Data compiled by CoinMarketCap shows that major collections like Azuki, Win NFT Horse, Bored and Mutant Ape Yacht Club, and CryptoPunks have seen more activity in the past few weeks.
This volume increased after Bored Ape Yacht Club launched its own native coin that is now valued at over $1.5 billion. Yuga Labs, its developers also managed to raise $450 million, making it one of the biggest platforms in the industry. This is a sign that investors expect that the industry will keep growing even as the Fed embraces a more hawkish tone.
The Axie Infinity price is rising as investors wait for the upcoming Origin Ear Cards. The launch will happen through the Mavis Hub, and will be a sequel to the past successful launches. Just last month, the platform announced that it had made revenues of over $4 billion in NFT revenue from Mavis platform.
Another reason why the AXS price is doing well is the performance of the Smooth Love Portion (SLP). For starters, SLP is an ERC token that is the main source of revenue for Axie Infinity Gamers. Today, the SLP price has jumped, bringing its total market cap to over $805 million.
Axie Infinity price forecast
The AXS price has been in an overall bearish trend after it peaked at $170 in November last year. Since then, the coin has crashed by more than 60%. Along the way, it formed a descending channel that is shown in black.
Recently, the Axie Infinity price has rebounded after it formed a support at about $42.9. Like Cardano, it has moved above the upper side of the descending channel. Also, the short and longer-term moving averages have made a bullish crossover.
Therefore, the AXS price will likely continue rising in the coming days, with the next key resistance being at $80.
Contributors
