Metaverse and gaming tokens haven’t had the smoothest of rides available in the market 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 below 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 12 months.
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 might final even additional.
Information Supply: Tradingview.com
Axie Infinity (AXS) – Value 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 pattern for fairly some weeks. It didn’t begin with the crypto droop of the brand new 12 months. In the mean time, the token has slid previous its 25- and 50-day shifting averages.
Extra importantly, the value dropped beneath a vital assist degree of $66. If the value motion doesn’t bounce again and maintain above this threshold, then elevated downward stress will ship AXS in direction of its subsequent assist, which is $50.
Nevertheless, this thesis might be invalidated if there’s sufficient bull assist above $66. If that occurs, AXS might retrace features again to its subsequent upward assist 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’s 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 because of competitors.