Convergence

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Axie Infinity

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Divergence

<p>As of now, Axie Infinity is trading at a price of $4.5253, up 0.96% in the last 24 hours, yet down 7.18% over the past week. More concerning is the yawning chasm between the current price and its all-time high (ATH) of $165.94, recorded on November 7, 2021—a staggering 97.27% drop. When compared to its 52-week high of $15.292, the asset is down by 70.41%.</p> 
<h2 class="wp-block-heading" id="technical-analysis-threefold-downtrend">Technical Analysis: Threefold Downtrend</h2> 
<p>Technically speaking, the charts aren’t offering much solace either. The short-term, medium-term, and long-term trends are all indicating a ‘Strong Down’ trajectory. The Moving Average Convergence Divergence (MACD) signal line has crossed over in a bearish manner, suggesting that near-term momentum is far from optimistic.</p> 
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<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<p>Adding to the gloom, the Relative Strength Index (RSI-14) also paints a bearish picture with a centerline crossover that is below 50. Furthermore, the RSI has dipped below 30, indicating the asset is currently in ‘Oversold’ territory. However, it’s worth noting that an oversold condition can sometimes act as a contrarian indicator, suggesting a potential reversal could be in the offing—though that’s far from guaranteed.</p> 
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<p>The asset’s current market cap poses a significant barrier to reclaiming its ATH. To reach its former glory, Axie Infinity would have to experience a colossal increase in both volume and value, a difficult feat to achieve given the current market conditions and sentiment.</p> 
<h2 class="wp-block-heading" id="a-ray-of-hope">A Ray of Hope?</h2> 
<p>Despite the grim statistics, it’s important to consider the broader context. Axie Infinity revolutionized the concept of ‘Play-to-Earn,’ creating an ecosystem where users can actually make a living by playing the game. The concept has been groundbreaking and could provide a robust framework for the future of gaming and decentralized applications (dApps).</p> 
<p>In its current state, the data suggests Axie Infinity has a steep hill to climb to revisit its all-time high, especially considering the market cap implications. However, as a pioneering force in the ‘Play-to-Earn’ movement, the project holds a unique position that shouldn’t be easily dismissed. Whether it will regain its ATH is uncertain, but its impact on the crypto and gaming ecosystem is indelible.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/will-axie-infinity-axs-ever-reclaim-its-ath-indicators-are-not-promising/">Will Axie Infinity (AXS) Ever Reclaim Its ATH? Indicators Are Not Promising</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Will Axie Infinity (AXS) Ever Reclaim Its ATH? Indicators Are Not Promising

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