The Axie Infinity price has increased by 4% in the past 24 hours, rising up $8.99. However, with its active users remaining comparatively low and the wider cryptocurrency market still stagnant, its price has also fallen by 20% in a week and by 30% in a month.

This time last year AXS was riding high, with the altcoin reaching an all-time record of $164.90 on November 6. Since then, it has suffered a steady long-term decline, with its daily active users dropping from 2.7 million in mid-November to 250,000 by early August of this year.

Fortunately, traders looking for new play-to-earn gaming platforms to invest in do not have to look too far, with Calvaria: Duels of Eternity recently launching its presale. This title aims to succeed where Axie Infinity has failed, with the game also supporting a free-to-play version that requires no crypto for users to participate.

AXS's chart doesn't paint a pretty picture. Its relative strength index (purple) has been under 50 since the middle of August, and has been above 50 for only a few weeks (between mid-July and mid-August) since the start of April.

This suggests a serious downturn, as does the coin's 30-day moving average (red). The latter has languished below AXS's 200-day average (blue) since January, defying purely chartist expectations that it should be due a rebound anytime soon.

It's not only AXS' indicators that look grim. As mention above, Axie Infinity has struggled to regain the daily active users it has lost since last November.

Throughout the past year, its developer Sky Mavis has rolled out a number of upgrades in the hope of