Axie Infinity (AXS) Continues to meltdown
Metaverse and gaming tokens haven’t had the smoothest of rides out there over the previous few weeks. Axie Infinity (AXS) isn’t any totally different in truth, the token has been seeing an unhinged meltdown that has despatched the value crashing. However must you purchase this dip? Can AXS rebound quickly? Listed here are some highlights first:
On the time of writing, AXS was buying and selling at $64.99, the bottom it has been since September final yr.
The gaming token was additionally down almost 13% in 24-hour intraday buying and selling, backing a weekly downtrend that has seen losses of over 10%.
The token has additionally moved beneath its 25- and 50-day shifting averages, suggesting the downtrend may final even additional.
Information Supply: Tradingview.com
Axie Infinity (AXS) – Worth prediction and evaluation
Wanting on the chart and a few technical indicators, it’s clear that AXS has been buying and selling on a downward development for fairly some weeks. It didn’t begin with the crypto droop of the brand new yr. In the intervening time, the token has slid previous its 25- and 50-day shifting averages.
Extra importantly, the value dropped beneath an important help stage of $66. If the value motion doesn’t bounce again and maintain above this threshold, then elevated downward stress will ship AXS in the direction of its subsequent help, which is $50.
Nonetheless, this thesis can be invalidated if there may be sufficient bull help above $66. If that occurs, AXS may retrace beneficial properties again to its subsequent upward help of $75.
Do you have to purchase Axie Infinity (AXS)
The metaverse and blockchain gaming is an rising new sector that’s heating up. Axie Infinity (AXS) was one of many first pioneers of this business, however there may be elevated competitors. If you would like some publicity to this sector, then it’s a good purchase. However because the blockchain gaming sector heats up, AXS will face vital stress resulting from competitors.