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Axie Infinity (AXS) could bounce back by about 15% despite recent selling pressure

Axie Infinity (AXS) has seen some correction after surging quite impressively earlier this month. The coin has seen a 50% retracement of its price and is now looking well and truly in a bear market. But despite this, we still think there is real potential for a decent upside. Here are some highlights. In recent…

Axie Infinity (AXS) has seen some correction after surging quite impressively earlier this month. The coin has seen a 50% retracement of its price and is now looking well and truly in a bear market. But despite this, we still think there is real potential for a decent upside. Here are some highlights.

  • In recent days, AXS has bounced off between $45 – $49 after a 50% price retracement.
  • The coin could however pull back up to $55 in the near term.
  • At press time, AXS was trading at $49, down nearly 8% over the last 24 hours.

Data Source: Tradingview 

Axie Infinity (AXS) – The outlook so far

It was largely expected that at some point, the crypto market will pull back after surging in February. But much of the slump we are seeing right now has largely been triggered by geopolitical tensions in Europe.

Axie (AXS) has as a result, seen a 50% retracement from its early February highs. At the moment, the price action has been bouncing off between $45 and $48. We don’t think this will remain the case for long. In fact, we expect the coin to test its overhead resistance of $55 in the coming days.

This will represent an upswing of around 15% or thereabout. While we don’t see AXS reclaiming its February high of $72, bulls will try to consolidate above $55 before the next leg up.

Why you should put Axie Infinity (AXS) on your watchlist

Metaverse and blockchain gaming tokens delivered insane growth last year, Axie Infinity included. While most of these tokens have slowed this year as the broader market continues to struggle, the metaverse is one of the most exciting areas of the crypto-verse.

Besides, it’s just recently when AXS was trading at over $200. It’s not inconceivable that the coin may get there again.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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