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Axie Infinity claims a new low. Are we set for a more bearish move?

Is the game over for Axie Infinity (AXS/USD)? Well, that could be the case going by the technical outlook of the native token AXS. The cryptocurrency has lost more than 94% since its $171 high in November 2021. AXS now trades at $8.6. Technical indicators show the token could halve to below $4. What’s happening?…


Is the game over for Axie Infinity (AXS/USD)? Well, that could be the case going by the technical outlook of the native token AXS. The cryptocurrency has lost more than 94% since its $171 high in November 2021. AXS now trades at $8.6. Technical indicators show the token could halve to below $4. What’s happening?

Gaming tokens rose to the limelight last year at the height of the crypto boom. However, they are the hardest hit in the bear market this year as expectations of economic tightening mount. Axie Infinity has been in the same boat as player counts on the platform go south. Accordingly, the player count on the popular play-to-earn platform has fallen by 74% since January. Arguably, investors are finding less fun in games in an exceedingly bear market.

Another elephant in the room is brewing for AXS. On October 11, the developers announced the unlocking of more Axie Infinity Shards. The move kicks off on October 24 and is expected to increase AXS token supply by about $185 million. AXS COO Leonard Larsen defended the move saying that the unlocked tokens are dissimilar to those in circulation. He described it as “business as usual” in response to community dissatisfaction.

However, the market has reacted adversely. For the past one week, AXS has plunged by 22%, with more downsides likely. Here is the technical outlook:

AXS eyes $4 bottom as price maintains a free fall

Source – TradingView

Technically, momentum is weak for AXS after the weekly decline. A bearish MACD crossover sets the tone for the AXS price action in the next few days. The next support lies around $4, the level it was before the bullish surge last year. That implies a potential 50% decline for AXS if bulls do not arrest further decline at $8.

Concluding thoughts

Sentiment and technical indicators reinforce a bearish market for AXS. At the current trading, AXS is exchanging hands at the lowest level this year. The cryptocurrency could continue to slide and find support at the $4 bottom amid a bear momentum. Investors should wait and buy at the potential bottom.

Where to buy AXS

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


Buy AXS with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy AXS with Bitstamp today


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Bitcoin

Spot Bitcoin ETFs Secured Inflows on Friday While GBTC Struggles to Hold 300,000 BTC

Following a sequence of five days of net outflows, U.S. spot bitcoin exchange-traded funds (ETFs) experienced modest inflows on Friday, capturing nearly 900 bitcoins from the market, totaling $59.7 million. Concurrently, Grayscale’s Bitcoin Trust (GBTC) teeters on the brink of falling below the 300,000 mark, as it recorded a holding of 304,970.43 bitcoins as of [……
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Bitcoin

Bitwise: Bitcoin Will Have ‘a Great Next 12 Months’

Bitwise Asset Management expects bitcoin to have a great next 12 months. A Bitwise researcher has explained that the cryptocurrency will likely continue to test its “higher highs” this year and next. He considers regulatory risk to be the primary concern for bitcoin. ‘I Think We’re Just Getting Started’ Bitwise Asset Management has reaffirmed its [……
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Bitcoin

Bitbot’s presale frenzy grows as $1.1M is raised: Can $BITBOT claim a 100x gain?

Bitbot has generated FOMO due to its self-custodial features. The project runs a $100,000 airdrop with $1,000 rewards. $BITBOT carries a 100x potential amid presale frenzy and unique strengths. Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented…


bitbot crypto trading bot website homepage
  • Bitbot has generated FOMO due to its self-custodial features.
  • The project runs a $100,000 airdrop with $1,000 rewards.
  • $BITBOT carries a 100x potential amid presale frenzy and unique strengths.

Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented gains, cementing the status of Telegram bots as an unstoppable crypto phenomenon. Bitbot launches when this frenzy is still alive while guaranteeing added security advantages. This has created a frenzy for the token, with the presale raising more than $1.16 million through stage 6. Consequently, Bitbot has been labelled a 100x token amid its self-custodial features. Let’s investigate more about this token.

Bitbot generates FOMO: What is its unique value proposition?

The key to Bitbot’s popularity is intense speculation. This is the first Telegram trading bot project offering self-custodial features. But what does this mean?

Trading on Telegram trading bots has been beset with controversy. The exploits of leading projects such as Unibot and Banana Gun showed how less protected investors are. This has been caused by the fact that these projects are custodial. They hold users’ private keys and assets, exposing them to potential losses if their accounts are compromised.

With self-custodial features, Bitbot allows users complete control over their assets. Users control their private keys, meaning no one can steal their assets if the platforms are exploited. This is an advantage to users seeking greater control and peace of mind when trading on Telegram trading bots. 

Owing to the self-custodial features, Bitbot has generated a frenzy that the token could explode when listed. Similar price trends have been recorded in other Telegram trading bots launched earlier. As such, Bitbot’s superior strengths could fuel higher price movements and return more to investors.

In addition to being self-custodial, the project is attractive with its enhanced security mechanisms. The wallet is secured by KnightSafe security protocols for institutional-grade reinforcement. There are other safety enhancements, such as anti-rug features. 

The all-around protections have created an expectation that $BITBOT is a huge potential token. The frenzy is underlined by the rapid presale and token predictions, which are as high as 100x. 

Bitbot: Profitable token with up to $100K airdrops and 50% revenue shares

The number of followers on Bitbot’s socials has grown rapidly, thanks to profitable offers. An example is Twitter, which has over 114,000 followers. The attraction has been due to the profitable opportunities posted on the platforms. The notable one is the $100,000 airdrop that has attracted fans. 

The competition is open to all fans globally. Winners stand a chance to walk away with $1,000 worth of Bitbot tokens from a $100,000 prize pool.

The prelaunch offer is ongoing, with users needing to act on Bitbot to win odds. One just needs to participate in Bitbot, share about the project, subscribe to its mailing list, and more. Winners will be rewarded right before the project kicks off. 

Bitbot is also a source of long-term passive income generation. Token holders get a share of 50% of transaction fee revenue generated from the platform. Aside from enjoying seamless trading through an app, one grows their investment over time. The unique advantage over rivals makes Bitbot a very attractive trading platform. This generates value for the token, unlocking its future potential.

Can $BITBOT rise by 100x?

Telegram trading bots represent the future of trading, and statistics back this up. The sector has witnessed over $13.6 million in cumulative trading volumes. This is an advantage to the Bitbot token, debuting when a market frenzy unfolds. As such, the debut could be met with wild price movements.

Whether $BITBOT can rise 100x is speculative. However, rival tokens, which carry lesser superior features, have risen by approximately similar margins. As such, $BITBOT carries the potential to claim a 100x gain. A robust presale and speculation cement the token’s status as a potential big gainer.

To purchase $BITBOT while on presale, investors can visit the project’s website page.


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