As Bitcoin [BTC] and Ethereum [ETH] continued their downtrend on 15 June, they affected many altcoins one in every of which was Axie Infinity. However, it appears, the GameFi token has one other trick up its sleeve to counter this bearishness.
Axie Infinity Origins
Following the broader market crash, Axie Infinity rose by 4.5% on 14 June earlier than dropping all its progress on the time of writing- buying and selling at $13.1, the DeFi coin was leaned in direction of the bears.
The truth is, AXS already dipped into the oversold zone on 15 June after the Relative Energy Index (RSI) didn’t proceed its upward journey in direction of the impartial zone.
At press time, the Shifting Common Convergence Divergence (MACD) was additionally exhibiting heavy bearishness after the bullish crossover was invalidated and a bearish crossover came about.
Axie Infinity Value motion | Supply: TradingView – AMBCrypto
However there are possibilities this may very well be circled now that Axie Infinity’s Origin’s launch is getting nearer.
Can the Origin flip issues round?
As per latest updates, Origin has registered over 600,000 accounts and shall be attending to the worldwide launch in 4 phases.
Origin will start with steadiness adjustments targeted on the basics of the sport itself. It would then transfer ahead with the introduction of Easy Love Potion (SLP) rewards and NFT Runes/Charms. Moreover, a crafting characteristic for these NFTs shall be launched as effectively. Customers will be capable to mint on Ronin and promote or present by way of {the marketplace}.
Following this, Axie Infinity will globally launch its first Official season. Though the journey is a protracted one, the long-term anticipation for the worldwide launch will get traders excited. Given the present state of affairs of the market, this might save AXS from additional drawdown.
Moreover, thus far, solely a bit of over 30% of the traders have been furthered away from income regardless of the constant dips since December 2021.
Axie Infinity traders in losses | Supply: Intotheblock – AMBCrypto
The truth is, traders are even treating this crash as a chance to realize income. They’re accumulating extra AXS as an alternative of promoting which was the case with many different altcoins.
Greater than 600k AXS value over $7.87 million was purchased by Axie Infinity traders inside a month. Thus, this transfer exhibited excessive confidence within the asset.
Axie Infinity provide on exchanges| Supply: Santiment – AMBCrypto
