Axie Infinity Under Bearish Grip, But AXS Investors Still Optimistic

Christian Encila

2 years ago

3 mins read

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Axie Infinity (AXS) price has nosedived following a surprise entry by the bears as seen in the daily price chart.

AXS hovering above both the 20- and 50-day EMA
Axie Infinity price dropped as the bears slammed investors shut after going all-in with the recent uptick.
The AXS/BTC pair has nosedived by 1.66% or at 0.0007748 BTC

If the bears can maintain this momentum, the bulls’ effort to recover will be put in vain. Now, to agitate and defeat the bears, the token will need to attract more buyers plus the bulls will need to get their heads together to boost AXS.

To date, the trading volume has dropped which is making the investors anxious and poses a bit of concern, especially for the bulls.

Axie Bearish Stride Short-Lived

On the brighter side, crypto experts believe that this recent dip will be short-lived so investors should be ready to dive in once the green light is on.

Chart from TradingView.com

According to CoinMarketCap, AXS token trades at $18.06, or a dip of 4.29% as of this writing. AXS coin trading volume registered a drop of 0.4% or at 14 million. While the loss isn’t much, it still harbors the danger of eventually pulling the price further down. AXS’s market cap is at 0.09577.

The bearish perspective of AXS seems to be nearing its exit as the daily price chats showed multiple EMAs or a successful crossover. MACD on the daily chart also exhibited that the buyer’s line is hovering over the signal line of the seller with a very little gap. Now, if the bulls can successfully contradict the bearish movement then immense growth is anticipated. RSI value is currently almost 59.

AXS Profitability Surpasses 23% Loss

After going with the upward flow of AXS, the price has dangerously plunged as the bears crashed the party. However, GameFi projects like Axie Infinity thrive amid market crashes and volatility compared to other digital assets.

AXS is said to have dropped by as much as 90% after it has risen by 40% when it hit a low in June. Axie Infinity had its ATH in November at $160 but since then everything is just looking for the coin.

The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend. But, one good thing with AXS investors is that they can roll with the punches because they were already raking in profit for the longest time.

With this month’s 40% improvement on gains, AXS investors noted that only 22.29% have experienced losses which is very minimal compared to the profits which are said to spike way above its ATH.

 AXS total market cap at $1.6 billion on the daily chart | Source: TradingView.com

Featured image from BSC News, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.