23 February, 2024

AXS Braces for Major Market Shift, Technical Analysis Reveals

2 weeks ago

09 Feb, 2024

  • Axie Infinity (AXS) is poised for a significant market shift, as technical patterns hint at upcoming movement.
  • GCash collaborates with Axie Infinity to provide regulated gaming options in the Philippines.
  • Axie Infinity underperforms in a week’s market review, facing a 5.2% price decline amid broader crypto gains.

In a recent analysis provided by CryptoBusy, an educational account on cryptocurrency trends, Axie Infinity (AXS) is speculated to be on the brink of a substantial market move. CryptoBusy highlights the narrowing gap between trendline resistance and horizontal support, coupled with a consistent pattern of lower highs and lows over the past 43 days. The in-depth analysis reveals that the pattern indicates an impending significant price movement for AXS.

At the time of press, AXS is being traded at $6.92, marking a 1.2% increase in the last 24 hours, according to CoinGecko. However, the trading volume for Axie Infinity has seen a notable decrease of 34.20% from the previous day, totaling $58,140,343. This reduction in trading volume may signal a decrease in market activity and investor engagement. 

Over the last week, AXS experienced a 5.20% decline in price, underperforming both the broader cryptocurrency market, which saw a modest 0.30% increase, and other Ethereum Ecosystem cryptocurrencies, which enjoyed a 12.70% rise.

In a strategic move to enhance access to blockchain-based gaming in the Philippines, GCash, the nation’s leading mobile wallet app, has announced a collaboration with Axie Infinity and its Ronin sidechain network. This partnership is aimed at providing Filipino gamers with a regulated and practical alternative amidst the country’s burgeoning web3 gaming community and recent regulatory challenges. 

Axie Infinity, a forerunner in web3 gaming, operates on the Ronin network, known for its low-cost, high-speed transactions. This collaboration is particularly timely, given the recent difficulties faced by users due to issues with the crypto exchange platform Binance, positioning GCash as an ideal financial service provider for over 80% of the Philippines’ internet users.

The detailed analysis by CryptoBusy, coupled with strategic partnerships in the Philippines, highlights a pivotal moment for Axie Infinity. The technical indicators suggest a significant market movement is on the horizon, while collaborations aim to solidify AXS’s position in the web3 gaming ecosystem. As the situation unfolds, investors and gamers alike are closely watching AXS for its next big move in the dynamic cryptocurrency market.