Axie Infinity (AXS/USD)continues to face rejection. Are buyers giving up?

Axie Infinity (AXS/USD)continues to face rejection. Are buyers giving up?

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Axie Infinity token lost 6.60% on Thursday despite previous gains

Axie Infinity has been recording increasing activity on the platform

The token faces resistance at the 50-day moving average

coinbase

After strong gains, Axie Infinity’s (AXS/USD) price is weakening. The token traded down by 6.60% in 24 hours, despite retaining a 16% weekly surge. As CoinJournal reported, Axie Infinity’s bullishness reflected increasing activity on the blockchain.

The increased activity on the play-to-earn gaming platform happens even as decentralisation takes shape. According to a December 05 announcement, “invested” community members have come together to achieve the goal. The announcement stated that more than 600 dedicated members had come together to share Axie Infinity’s future. Besides, Axie Infinity is building an inaugural pilot “season” for its “Governance” section. As a result, it has selected 700 contributors for the trials.

The reaction of the Axie Infinity token to the recent developments may foretell that some positives are to be expected. However, AXS remains subdued by a bear market. 

AXS trades at the 50-day MA but is facing bear pressure

AXS/USD Chart by TradingView

From the technical outlook, AXS faces pressure, although the momentum is slightly bullish. The MACD indicator is bullish and recently crossed above the neutral zone. The cryptocurrency trades at the 50-day MA after initially pushing above it.

Can AXS sustain the upside?

Largely, AXS’s price is bearish. The cryptocurrency has been on a downtrend. If bulls are to capitalise on the relief rally, they must avoid a drop below the 50-day MA. Recovery at the moving average will set AXS for the next potential resistance at $11.

Conversely, a drop below will pit AXS to the 20-day MA or $6 bottom. Investors should watch the price action for further confirmation.

Where to buy AXS 

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AXS with OKX today

Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices.

It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform.

Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy AXS with Skilling today

Disclaimer

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