Axie Infinity Can Recoup Its 6-Month Loss And Rise 25%, But It Must First Do This
06 November 2022 - 9:26PM
NEWSBTC
Axie Infinity (AXS) finally managed to break away from its downward
momentum that’s been going on for the last six months. According to
latest data from Coingecko, the crypto asset peaked at $11.29 today
before entering a minor price correction that made it decline by
more than 7% over a 24-hour period. AXS is in recovery after
tremendous selling pressure crippled it in late October Axie
Infinity is targeting a 23% jump to surpass the $13 marker AXS
needs to close today’s session staying above $10.3 for it remain
bullish At the time of this writing, AXS was trading at $10.47 and
has gone up by 12.7% and 16.1% during the last seven and 14 days,
respectively. Although it is still down by almost 18% for the past
month, the altcoin is showing signs of a bullish rally that could
make it breach the $13 marker. A Clear Path For Axie Infinity
Recovery During the last few days, the cryptocurrency’s price
movement was caught in a double bottom pattern that established
$8.5 zone as base support region. Related Reading: Dogecoin (DOGE)
Price Seen Sliding 15% In Coming Days – Here’s Why Source:
TradingView Following the recent rally of the crypto market, Axie
Infinity managed to bounce back from that crucial zone and
surpassed the $10.3 marker with its 24.5% surge. This kind of
performance enabled AXS to turn the tides in its favor, getting out
of its bearish cycle and is now looking to make a decisive push
with the aim of increasing its spot trading price by more than 23%.
In order to do that, the digital currency needs to make sure that
it will keep the $10.3 range as today’s sessions come to an end. If
that happens, the virtual coin will push its changing hands value
to $13.15. Traders, however, must watch this condition like a hawk,
as the bullish thesis will easily be invalidated if AXS fails to
hold its current position right now. Still Feeling The Pressure
From AXS Vesting Period Expiration Undeniably, AXS is still feeling
the effects of the tremendous selling pressure that it experienced
when vesting period for the asset ended on October 24. In the
crypto space, such event is usually followed by significant price
dumps as sellers, after a considerably long wait, finally get the
chance to sell their holdings. Vesting period refers to a specific
length of time when early investors for a project or a crypto token
such as Axie Infinity are required to hold their investments,
making them unable to cash out as new investors come in. When the
unlock schedule came on October 26, AXS struggled to reach the $10
marker even though the crypto market initiated a bullish rally in
order to reclaim the $1 trillion market cap turf. The
cryptocurrency now has a chance to return to its bullish ways
provided that it can sustain its current range and avoid further
decline. Related Reading: SushiSwap Suffers Monthly Drop In TVL –
How Will SUSHI Perform This November? AXS market cap at $1
billion on the weekly chart | Featured image from Bitcoin News,
Chart: TradingView.com Disclaimer: The analysis represents the
author's understanding of the crypto market and should not be
construed as investment advice.
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