Will MANA, SAND guide AXS price movement in the future?

For the past 12 months, AXS has achieved a massive annual ROI of 28,880.21% against the USD. In fact, the thriving AXS is also helping boost the blockchain gaming industry. The number of daily active users (DAU) and the market volume of the asset increase significantly over time.

At this point, Axie Infinity has carved out a niche for itself in the blockchain gaming space. However, the price movement of AXS has been rather boring since the beginning of October.

Prices have fluctuated between $ 120 and $ 157 since October 1, after rising nearly 138% in just over a week to the end of September. However, despite the hype about blockchain games and metaverse, AXS hasn’t made any big strides since then.

It’s strange that metaverse tokens like MANA and SAND created new ATHs. There is also speculation that AXS price will break out (breakout) but all are hopeless so far. Is AXS waiting for something?

AXS 4-Hour Price Chart | Source: Tradingview

Negative correlation from AXS Get attention

Last month, analysts did record interesting negative correlation between Axie Infinity and DeFi’s blue chip projects – SAND and MANA. As those two assets rebounded, AXS in particular merged. However, when AXS recovered, neither made a new move.

Source: Byzantine General

The same trend occurred in early September when AXS rose and MANA, SAND consolidated.

For now, however, the indicators for AXS appear to be bullish. The higher acceptance and participation of Axie Infinity on the Ethereum connected Ronin sidechain shows the same thing. Just recently, the number of daily active addresses on Ronin hit a new high, exceeding 1.1 million daily active addresses.

BeAddress works every day | The source: WuBlockchain

In fact, a previous article highlighted the increased influx to Ronin, which also affects the influx to AXS. However, at the time of writing, AXS’s correlation with BTC has a high positive value of 0.52. This will have a negative impact on the trajectory of this altcoin as BTC consolidates below $ 60,000.

Correlation with BTC | The source: IntoTheBlock

HODLer Rescue?

Interestingly, HODLer AXS ‘numbers have skyrocketed this month as medium-term owners continued to dominate ownership metrics. If you look at the ownership statistics by holding period, it is clear that HODLer was absent until October, and the return of this group could have a long-term positive effect on the course of AXS.

Source: IntoTheBlock

In addition, the number of active addresses has remained at the same level despite the decline in the share price over time. Together with the falling supply rate on the stock exchanges, this is also a good sign.

However, despite good on-chain performance, AXS was unable to recover from its recent decline.

At the time of going to press, AXS is up nearly 3% as BTC has yet to hit previous highs. If this altcoin stays above $ 145 with enough euphoria from private investors, the price could also rebound well in the future. Especially now as the longer RSI timeframe has finally expired.

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Minh Anh

According to AMBCrypto

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