Metaverse and gaming tokens haven’t had the smoothest of rides out there over the previous few weeks. Axie Infinity (AXS) isn’t any completely different the truth is, the token has been seeing an unhinged meltdown that has despatched the worth crashing. However must you purchase this dip? Can AXS rebound quickly? Listed here are some highlights first:
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On the time of writing, AXS was buying and selling at $64.99, the bottom it has been since September final 12 months.
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The gaming token was additionally down practically 13% in 24-hour intraday buying and selling, backing a weekly downtrend that has seen losses of over 10%.
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The token has additionally moved under its 25- and 50-day transferring averages, suggesting the downtrend might final even additional.
Knowledge Supply: Tradingview.com
Axie Infinity (AXS) – Value prediction and evaluation
Trying 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 hunch of the brand new 12 months. For the time being, the token has slid previous its 25- and 50-day transferring averages.
Extra importantly, the worth dropped under a vital assist stage of $66. If the worth motion doesn’t bounce again and maintain above this threshold, then elevated downward strain will ship AXS in the direction of its subsequent assist, which is $50.
Nonetheless, this thesis might be invalidated if there may be sufficient bull assist above $66. If that occurs, AXS might retrace positive factors 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 may be elevated competitors. In order for you some publicity to this sector, then it’s a good purchase. However because the blockchain gaming sector heats up, AXS will face vital strain as a consequence of competitors.