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AXS Dips by 10% in 24 Hours as Market Sell-off Continues

By:
Hassan Maishera
Updated: Jan 18, 2022, 12:30 UTC

AXS has lost more than 40% of its value in the last three months and could drop below the $60 psychological level if the poor performance continues.

AXS FXEMPIRE

The total cryptocurrency market cap could drop below the $2 trillion mark if the bearish performance continues.

AXS is Currently Underperforming

Axie Infinity is one of the leading blockchain-based games in the world. The Pokémon-inspired digital pet universe is built on the Ethereum network. With Axie Infinity, players can earn token rewards via skilled gameplay and contributions to the ecosystem.

The Axie Infinity tea is currently building a layer-2 sidechain named Ronin in a bid to create a better user experience and promote scalability.

AXS, the native token of the Axie Infinity, has lost more than 10% of its value over the past 24 hours. There is no specific catalyst behind this bearish performance except the weakness of the broader cryptocurrency market.

Bitcoin, Ether and the other major cryptocurrencies have been underperforming over the past few hours. If the bearish trend continues, the total cryptocurrency market cap could drop below the $2 trillion mark soon.

Despite its recent poor performance, AXS is expected to be one of the leading nonfungible token (NFT) projects in 2022. Market experts are optimistic that its value could soar higher over the next few months.

AXS is Down by 21% YTD

AXS has lost more than 20% of its value since the start of 2022. The AXS/USD daily chart shows that the cryptocurrency is bearish, and its value could drop lower in the coming hours if the market conditions remain unchanged.

AXS’s RSI is currently in the oversold region. Source: FXEMPIRE

At press time, AXS is trading at $73.45, below its 50-day moving average value of $94.81. The MACD line has been below the neutral zone since December 3rd and looks likely to stay there for a while.

The RSI of 37 shows that AXS is facing selling pressure at the moment. If the bears remain in control, AXS could drop below the $70 psychological level to trade around the $68 mark.

In the event of an extended bearish performance, AXS would need to defend the second major resistance level at $60 before the end of the day.

About the Author

Hassan is a Nigerian-based financial Journalist and cryptocurrency investor.

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