The chief executive of blockchain gaming platform Axie Infinity is debunking reports that he moved millions of dollars in AXS as the protocol’s sidechain was hacked to the tune of $600 million. A recent report by Bloomberg details how a crypto wallet belonging to Axie Infinity CEO Trung Nguyen moved about $3 million worth of AXS […]
The post Axie Infinity CEO Denies Rumors of Moving Millions of Dollars in AXS During Massive $600,000,000 Ronin Attack appeared first on The Daily Hodl.
A closely tracked analyst is predicting a strong rally for leading smart contract platform Ethereum (ETH) and two additional altcoins as crypto markets bounce. Pseudonymous analyst Altcoin Sherpa tells his 180,600 Twitter followers that he believes Ethereum has more gas left in its tank despite nearly doubling its value in less than two months. “ETH: […]
The post Crypto Analyst Predicts Strong Surge for Ethereum, Axie Infinity and One More Low-Cap Altcoin appeared first on The Daily Hodl.
The venture capital arm of top US crypto exchange Coinbase is forecasting that one sector of the digital asset markets is on track to become a huge industry driver. In its latest Q2 recap and market outlook update, Coinbase Ventures says that popular blockchain-based game Axie Infinity (AXS) set the precedent for what the crypto […]
The post Coinbase Ventures Says This Sector Will Be ‘Massive Category’ That Onboards Next Wave of Crypto Users appeared first on The Daily Hodl.
The largest whales on the Ethereum (ETH) network are jumping into a series of different altcoins associated with the metaverse sector over the last seven days, according to blockchain tracking service WhaleStats. As per WhaleStats’ on-chain data, virtual world The Sandbox (SAND) is currently by far the most purchased metaverse altcoin among Ethereum’s top 5,000 […]
The post Biggest Ethereum Whales Scoop up The Sandbox, Apecoin, Decentraland and Three More Metaverse Tokens: WhaleStats appeared first on The Daily Hodl.
Billionaire and Shark Tank star Mark Cuban is weighing in on how blockchain-based play-to-earn (P2E) games can revamp their economy. In a new interview with Bankless, Cuban, who’s an investor in Axie Infinity (AXIE), says that the game needs to find a business model that generates enough revenue so that it can create sustainable incentives […]
The post Billionaire Mark Cuban Analyzes One of His Largest Crypto Investments, Outlines How Play-To-Earn Economies Can Recover appeared first on The Daily Hodl.
A closely followed crypto analyst says that only a select group of altcoins will survive the bear market and recover in the coming years. The pseudonymous analyst known as Altcoin Sherpa tells his 178,000 Twitter followers that he expects about 5% of altcoin projects to survive the current crypto winter. The analyst names smart contract […]
The post Analyst Says Solana (SOL), Polygon (MATIC) and One Additional Altcoin To Come Out Alive From Crypto Bear Market appeared first on The Daily Hodl.
Strong correlation with Bitcoin and traditional markets continue to pull Axie Infinity price lower.
Axie Infinity (AXS) price dropped sharply on June 1, suggesting that its supersonic gains in the last two days might have been a part of a bear market rally.
The AXS/USD pair soared 54% week-to-date to over $28 on May 31, its highest level in three weeks. But Axie Infinity price failed to hold the gains, correcting by more than 21% to $22 while raising the possibility of more downside to come.
Trading behavior witnessed in the last 24 hours supported the downside outlook, with AXS/USD trading volume spiking during the selloff on May 31.
Axie Infinity's continued exposure to Bitcoin (BTC) and traditional stock markets was also instrumental in pushing its prices lower on June 1.
Notably, AXS's correction in the said period coincided with Bitcoin's move lower from around $32,250 to below $31,500 and with U.S. stocks resuming their downward trajectory after the Memorial Day holiday close on May 30.
Additionally, AXS's price correction began near a confluence of technical resistances, containing a support-turned-resistance aroun the $27-29 region and the 50-day exponential moving average (50-day EMA; the red wave in the chart below) around $29.
If the pullback continues, AXS risks retesting its previous support line near $18.40, down about 20% from today's price. Simultaneously, the persistent positive correlation with Bitcoin and stock markets could mean additional price declines below the $18.40-level.
"There's no V-shaped bottom here," argues Michael Antonelli, managing director and market strategist at Baird, noting that the factors that led to the decline across the risk assets in 2022— primarily the interest rate hikes—are going to stay the same in the coming quarters.
Related: Bitcoin’s recent gains have traders calling a bottom, but various metrics remain bearish
Meanwhile, independent market analyst PostyXBT believes that AXS must close above $40 to validate a long-term bullish rebound. Until then, the AXS/USD pair remains at risk of more downside to come.
"Play the relief bounces but don't overstay your welcome," PostyXBT told his 79,200 social media followers.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
WAVES prices surged by almost 60% on Tuesday, leading gainers in crypto markets during today’s session. This move took prices to a 20-day high, and came as AXS also rallied, climbing by over 25% earlier in the day. WAVES WAVES was one of Tuesday’s biggest gainers, as prices rose by nearly 60% earlier in today’s […]
The world’s largest Ethereum (ETH) whales are loading up on three metaverse altcoins as the crypto markets flash signs of improvement. Outside of stablecoins and ETH, the play-to-earn blockchain gaming platform Gala (GALA) was the top target for the 100 largest Ethereum wallets on Sunday, according to blockchain tracker WhaleStats. The top 100 ETH addresses […]
The post Ethereum Whales Are Loading Up on Three Metaverse Projects and Two Ethereum Altcoins, According to On-Chain Analysis appeared first on The Daily Hodl.
