Short-Lived Bearish Grip Experienced By Axie Infinity

Short-lived bearish grip experienced by Axie Infinity has ended and according to the daily price chart, the price of Axie Infinity (AXS) has plummeted after a surprising bearish entry.

Axie Infinity’s price fell as the bears banged investors’ doors after they bet big on the recent upswing while AXS was trading above both the 20- and 50-day EMAs.

The AXS/BTC pair is now at 0.0007748 BTC, down 1.66%.

The bulls’ attempts to recoup will be ineffective if the bears can keep up their momentum. Now, the token will need to draw in additional buyers, and the bulls will need to band together to promote AXS, in order to agitate and overcome the bears.

The current decrease in trading volume is unsettling investors and raising some questions, particularly for the bulls.

 

Short-Lived Bearish Grip

Fortunately, crypto experts think that this current slump will be short-lived, so investors should be prepared to buy when the signal is given.

AXS token currently trades at $18.06, a decrease of 4.29%, according to CoinMarketCap. Trading volume for AXS coins decreased by 0.4%, or 14 million. Despite the small loss, there is still a chance that it will eventually cause the price to decline much further. The market value of AXS is 0.0957.

The daily price chats indicated several EMAs or a successful crossover, suggesting that the negative view of AXS is about to end. On the daily chart, MACD also showed that there is barely any space between the buyer’s and seller’s signal lines. Now, enormous increase is projected if the bulls can successfully counteract the negative momentum. RSI value is almost 59 at this time.

AXS Profitability Exceeds 23% Loss

After following AXS’s rising trend, the price has dangerously fallen as the bears crashed the party. In contrast to other digital assets, GameFi initiatives like Axie Infinity endure amid market declines and instability.

When it reached a low in June, AXS was believed to have increased by 40% before dropping as much as 90%. Axie Infinity’s ATH was at $160 in November, but ever since then, everyone has been searching for the currency.

In November 2021, the altcoin reached its all-time high of $160. It has, however, continually been in a downward trend. AXS investors, however, have the advantage of being able to roll with the punches because they have been making money for a long period.

Investors in AXS observed this month’s 40% rise in gains and that only 22.29% of shares have lost money, a relatively small percentage when compared to the earnings, which are believed to have spiked well over their all-time high.

Read the latest Altcoin news.