Kinguin WW
  • Sat. Nov 26th, 2022

Should you buy Axie Infinity as the price shoots 6% amid crypto recoveries

ByNdasi Tata

Jul 16, 2022
1657916632373 c2a6afe7 754e 4e53 a102 c291eb2e7830
AliExpress WW
1657916632373 c2a6afe7 754e 4e53 a102 c291eb2e7830

ChicMe WW
  • Axie Infinity token has surged by 6% in 24 hours.

  • The blockchain allows players to earn AXS tokens for participating in a competition.

  • AXS remains in a bearish market despite the reopening of Ronin Bridge.

Axie Infinity AXS/USD is a beaten-down cryptocurrency. The token of the play-to-earn game platform trades at $14.25. The level is significantly lower from an all-time high of $170 last year. Besides the crypto weakness this year, AXS was weighed by Ethereum’s Ronin Bridge hack. The attack, which dates March this year, led to the loss of over $600 million worth of USDC and ETH. The attack exposed the vulnerabilities of side chains, which some networks like Axie Infinity relied on.

At the bottom $14 price, the Axie Infinity token has defied positive developments. In late June this year, Ronin bridge reopened with improved security features. AXS has proceeded lower despite the news. This thesis postulates that the AXS bearishness emanates from the weakness in the crypto sector. It means that investors remain skeptical. Some platforms, such as Axie Infinity, continue to attract low interest. 

AXS trades below the moving average

1657916748159 7f69f1ba 1380 443c 8ae0 c612636dd743Source – TradingView

From a technical outlook, AXS is still bearish. The token rallied 6% in the day but remained below the 14-day and 21-day moving averages. That confirms that it is yet to become fully bullish. The MACD indicator is at the same level as the moving average, which also fails to confirm a bullish push. We need further confirmation before buying AXS. A break above the moving average and a bullish MACD indicator will show when buyers are settling in. However, we need the crypto sentiment to improve to see long-term AXS recoveries.

Summary

AXS remains on a bearish trend. The price is yet to recover after the opening of the Ronin Bridge. There are no confirmed bullish signals for the Axie Infinity token.

The post Should you buy Axie Infinity as the price shoots 6% amid crypto recoveries appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

Need Help?
Scan the code