Axie Infinity Price is Going to Zero and Holders are Jumping Ship to This New Viral Meme Coin – How to Buy Early?
As the play-to-earn gaming sector continues to buzz, Axie Infinity's AXS token recently faced a pivotal moment with a massive $156 million token unlock on April 23.
Despite recent losses, AXS maintains its position as the third-largest cryptocurrency in the gaming sector.
With the broader market downturn and the recent unlock, investors are now keenly observing the potential impacts on AXS price trends moving forward.
AXS is currently trading at $7.79 (a 24 hour change of -1.64%).
This comes following a continual bleed out, with price action trapped within a bearish pendant pattern that has so far seen AXS tumble -8% in April alone.
With a suppressive price ceiling forming around a descending resistance level formed by the overhead 20 and 200 Day MAs - things are looking bleak for this GameFi favourite.
Despite the fact that the RSI has cooled off to an oversold 37, the MACD continues to spotlight bearish divergence at -0.13.
Upside targeting is limited, but could see a short time frame bounce back to test resistance levels around $9 (a potential +16% leap).
However, if sell pressure and unlocks keep pushing price action downwards then it is likely AXS will fall to lower support level at $5.57 (a -25% capitulation).
Overall, Axie's bleak outlook gives AXS a 0.62 risk: reward ratio - a troubled entry threatened by significant downside risk.
With such turbulent downside price action, many are using this downtick in the market to identify and invest in promising prospects ahead of the next bull run.
Introducing Love Hate Inu (LHINU) - a rising memecoin with a twist.
As Axie Infinity price wavers, it's the perfect time to explore alternative investments like Love Hate Inu (LHINU), a rapidly growing meme coin.
LHINU has quickly gained
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