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As Bitcoin [BTC] and Ethereum [ETH] continued their downtrend on 15 June, they affected many altcoins certainly one of which was Axie Infinity. However, it appears, the GameFi token has one other trick up its sleeve to counter this bearishness.
Axie Infinity Origins
Following the broader market crash, Axie Infinity rose by 4.5% on 14 June earlier than shedding all its progress on the time of writing- buying and selling at $13.1, the DeFi coin was leaned in the direction of the bears.
The truth is, AXS already dipped into the oversold zone on 15 June after the Relative Energy Index (RSI) did not proceed its upward journey in the direction of the impartial zone.
At press time, the Shifting Common Convergence Divergence (MACD) was additionally exhibiting heavy bearishness after the bullish crossover was invalidated and a bearish crossover passed off.
Axie Infinity Worth motion | Supply: TradingView – AMBCrypto
However there are probabilities this may very well be rotated now that Axie Infinity’s Origin’s launch is getting nearer.
Can the Origin flip issues round?
As per latest updates, Origin has registered over 600,000 accounts and will likely be attending to the worldwide launch in 4 phases.
Origin will start with stability modifications targeted on the basics of the sport itself. It should then transfer ahead with the introduction of Clean Love Potion (SLP) rewards and NFT Runes/Charms. Moreover, a crafting function for these NFTs will likely be launched as properly. Customers will be capable to mint on Ronin and promote or reward by way of {the marketplace}.
Following this, Axie Infinity will globally launch its first Official season. Though the journey is an extended one, the long-term anticipation for the worldwide launch will get buyers excited. Given the present state of affairs of the market, this might save AXS from additional drawdown.
Moreover, up to now, solely a bit over 30% of the buyers have been furthered away from income regardless of the constant dips since December 2021.
Axie Infinity buyers in losses | Supply: Intotheblock – AMBCrypto
The truth is, buyers are even treating this crash as a chance to achieve income. They’re accumulating extra AXS as a substitute of promoting which was the case with many different altcoins.
Greater than 600k AXS price over $7.87 million was purchased by Axie Infinity buyers inside a month. Thus, this transfer exhibited excessive confidence within the asset.
Axie Infinity provide on exchanges| Supply: Santiment – AMBCrypto
