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The Axie Infinity is down 2.62% in the last one day.
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Google Cloud recently joined the list of Axie Infinity validators.
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Amid sluggish momentum, AXS reclaimed the $12.8 support level.
Axie Infinity AXS/USD is trading slightly above $13, down 2.62% over the past 24 hours. The decline comes despite Google Cloud recently joining the list of firms that validate transactions on the blockchain.
Google’s entry Ronin puts the number of validators at 18. Ronin is the gaming-based Ethereum sidechain of Axi. In March the platform was breached in one of the biggest DeFi hacks of all time. Since then about 10% of crypto losses worth over $500 million have been recovered.
Part of the security intervention by Sky Mavis is largely focused on decentralization. The developer aims to expand validators to 21. This effort has yet to have a significant impact on the price of the AXS token, which dropped from $75 to $13 after the exploit.
Axie Infinity is a fighting game powered by collectible NFT assets. To date, the blockchain game has recorded over $4 billion in NFT asset sales. Most of the success was recorded last year before the play-to-earn platform lost momentum. Axi Infinity is now expanding to a free-to-play model, and it remains to be seen how profitable the move will be. On the technical side, AXS is facing a correction.
AXS reclaims $12.8 support in market correction
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Source: TradingView
As per the daily chart above, AXS has declined from the $15.3 high to the $12.8 support level. The upside momentum is weak, despite the MACD indicator showing bullish signals. The RSI is at 40, which means that the bears are still controlling the market. However, the price above the $15 resistance invalidates the bearish sentiment, and AXS could be set for a recovery.
closing thoughts
AXS is back at the make-or-break support level. A price below support could open up more weakness, and the coin could trade even lower. Concerns about the security of the Ronin network remain a challenge for Axi Infinity in the long run.