Axie Infinity is the best performer amongst the top 50 cryptocurrencies by market cap.
The cryptocurrency market has performed well over the past 24 hours and the total market cap could break past the $1.8 trillion mark soon. The market has added nearly 3% to its value in the last 24 hours, which is a positive considering its performance in recent days.
Bitcoin, the world’s largest cryptocurrency by market cap, could soon reach the $40k psychological level after adding 1.6% to its value over the past few hours. Ether remains the second-largest coin and is also trading in the green zone. ETH looks likely to break past the $3,000 resistance level soon.
AXS, the native token of the Axie Infinity gaming ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. AXS has added 15% to its value in the last 24 hours and now trades above $34 per coin.
The rally comes after the Axie Infinity team introduced a token burn tool for its SLP token. Smooth Love Potion (SLP) is the in-game asset of the popular blockchain-based gaming metaverse Axie Infinity.
The tool would enable tournament organisers to activate SLP buy-in that gets burned to help balance the economy.
Key levels to watch
The AXS/USD 4-hour chart shows that Axie Infinity is recovering from its recent slump. The MACD line remains below the neutral zone but could soon cross into the positive zone if the rally continues.
The 14-day relative strength index of 59 shows that AXS could soon enter the overbought region.
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 cap further upward movement in the short term.