Token

Rally

Axie Infinity

Infinity Token

<p>Axie Infinity’s AXS token appears positioned for a major relief rally as nearly all holders remain deeply underwater following the cryptocurrency’s steep decline this year.</p>
<p>According to crypto trader <a href="https://twitter.com/ali_charts/status/1716503016918974798" target="_blank" rel="noopener noreferrer nofollow">Ali</a>, an astounding 98.67% of AXS holders are currently “out of the money,” meaning they purchased the token at higher prices than the current trading level. This extreme capitulation indicates selling pressure may be largely exhausted.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="472" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-1024x472.png" alt="" class="wp-image-362586" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-1024x472.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-300x138.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-768x354.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-1536x708.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-2048x944.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-325x150.png 325w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-100x46.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-759x350.png 759w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614-788x363.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-614.png 679w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>AXS has plunged from all-time highs above $165 to trade around $4.6 recently, an over 97% drop. The brutal decline has wiped out gains for essentially all investors except those who bought at the absolute bottom.</p>
<p>However, Ali believes this dire sentiment sets the stage for a significant reversal once selling fatigue fully sets in. He points to AXS forming an important support level around $4 after repeatedly defending that zone.</p>
<p>As a blockchain-based game focused on non-fungible token (NFT) creatures called Axies, Axie Infinity benefited tremendously from the NFT mania in 2021. Its token skyrocketed 32,000% that year.</p>
<p>But the NFT marketdown and crypto winter of 2022 wiped out nearly all those gains. With many disillusioned investors capitulating, Axie Infinity seems poised for a sentiment-fueled recovery rally.</p>
<p>According to Ali, the ingredients are there – extreme negative sentiment, exhausted selling pressure, established support, and skepticism that precludes excessive optimism.</p>
<p>Of course, Axie Infinity faces stiff challenges regaining traction in competitive gaming and NFT markets. But heavily oversold assets often bounce strongly, making AXS an alluring contrarian bet for bold investors willing to bottom-fish after such an epic decline.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/axie-infinity-token-appears-oversold-at-98-holder-losses-but-this-sets-stage-for-axs-relief-rally/">Axie Infinity Token Appears Oversold at 98% Holder Losses, but This Sets Stage for AXS Relief Rally</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Axie Infinity Token Appears Oversold at 98% Holder Losses, but This Sets Stage for AXS Relief Rally

Table of Contents

CaptainAltcoin

Other articles published on Oct 24, 2023

Bitcoin Price Prediction As Institutional Investors Drive ‘Uptober’ Rally To $35k, Can BTC FOMO T...

Bitcoin and Ethereum turmoil: ETF obstacles and legal hurdles

BlackRock’s iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corpor...

Popular Analyst: "This Level Must Be Maintained for $45,000 in Bitcoin!"

Bitcoin and Ethereum Price Surge as Bullish Momentum Gains Steam

Solana Co-Founder: Spam Accounts Spread Fake Exploit News

Join our free newsletter for daily crypto updates!