Axie Infinity (AXS) has seen a recent price surge, with the token up 12% this week and now trading above $9.10. According to altFINS, this latest bullish breakout signals a continuation of the ongoing uptrend, with upside potential to $12.50 in the short-term.
However, while interest in Axie remains strong, traders have started shifting attention to an emerging play-to-earn competitor – Meme Kombat.
What you'll learn 👉
The Axie Infinity Price Outlook
Axie Infinity has rallied from its 2022 lows on renewed investor enthusiasm. Analysis by altFINS suggests the token has broken out from a bullish Channel Up pattern, driving prices above the key $9.50 resistance level.
Key Axie Infinity Price Drivers
- Pattern: Axie was trading in an ascending Channel Up pattern. With the breakout, traders expect rapid further upside now that prices have moved outside the channel.
- Trend: The token remains in an uptrend across short-, medium- and long-term timeframes. This supports the bullish momentum.
- Momentum: While still bullish overall, momentum indicators like the MACD and RSI suggest the pace of gains may be slowing. This points to potential consolidation around current levels before the next leg higher.
- Support and Resistance: With the $9.50 resistance level now exceeded, traders are targeting the next area of likely resistance around $12.50. Support comes in at $7.00 and $6.00.
The Fundamentals Behind Axie Infinity
The recent Axie price strength ties into improving network fundamentals. In a showcase of the platform’s vibrant community, the inaugural “Axie and Ronin Creator Awards” will recognize top contributors across various categories, distributing sought-after Axie NFT rewards. Initiatives like this highlight the project’s emphasis on digital creativity and community participation.
As the largest play-to-earn NFT game, Axie also benefits from surging interest in the metaverse and web3 gaming themes entering 2024. With over 2.5 million monthly active players, the ecosystem continues growing. Axie Genesis land plot sales and upgraded staking programs further expand revenue opportunities.
Trader Migration to Meme Kombat
While Axie Infinity retains strengths, traders have started rotating into Meme Kombat – a new play-to-earn title building steam in altcoin circles.
Introducing Meme Kombat
Meme Kombat brings together top meme coins like Doge and Shiba Inu in a fantasy battling arena. Players can wager using the project’s native MK token to bet on match outcomes between their favorite memes. With an element of chance in the bouts, the game introduces gambling-style entertainment to the meme coin vertical – allowing users to monetize interest in Doge and Shiba Inu beyond just holding the tokens.
Alongside gaming, Meme Kombat incentivizes long-term holding via staking rewards up to 171% APY. This caters to investors seeking recurring yields on their meme coin holdings. Between gameplay and staking, the project carves out a unique niche at the intersection of memes and DeFi.
Driving Investor Interest
Meme Kombat launches into a crypto market craving fresh gaming and metaverse content. With meme coins like Doge and Shiba Inu having peaked for now, traders look to the next hot play-to-earn concept.
Meme Kombat’s $MK token has climbed to $0.268 in presale as user excitement builds ahead of the game’s release. The presale concludes January 4th, when prices will hit $0.279. After that, the token enters public sale at higher prices until it sells out the hard cap.
Meme Kombat has raised an impressive $5.5 million in its ongoing token presale. This funding influx highlights strong investor appetite to get exposure early to a project merging two of crypto’s hottest themes – meme coins and play-to-earn gaming.
The presale demand likely reflects bullish sentiment around Meme Kombat’s growth trajectory once its core gaming product launches. With seasoned crypto gaming veterans behind the startup and an innovative model appealing to both meme coin speculators and yield-seeking DeFi participants, Meme Kombat seems poised to capture significant market share in 2023. The $5.5 million presale raise signals investors are betting decisively on this new web3 gaming upstart to shape up as a leader in its still-nascent niche.
Meme Kombat brings several advantages over predecessors like Axie Infinity:
- Wider appeal across meme coin communities by integrating popular figures like Doge and Shiba Inu
- Blends entertainment with financial rewards, providing a crypto gateway for mainstream adopters
- Founding team’s experience across gaming and crypto unlocks proven monetization models
- Balanced token distribution (50% to presales, 50% to operations/development) ensures ecosystem sustainability
As the metaverse expands in 2024, Meme Kombat offers traders exposure to a new growth vertical while allowing punters to monetize their interest in meme coins. With the price still early ahead of launch, speculative capital increasingly moves off Axie Infinity and into this budding newcomer.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.