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Axie Infinity (AXS) Continues to meltdown – Should you buy it?

Metaverse and gaming tokens haven’t had the smoothest of rides in the market over the last few weeks. Axie Infinity (AXS) is not any different in fact, the token has been seeing an unhinged meltdown that has sent the price crashing. But should you buy this dip? Can AXS rebound soon? Here are some highlights first:

  • At the time of writing, AXS was trading at $64.99, the lowest it has been since September last year.

  • The gaming token was also down nearly 13% in 24-hour intraday trading, backing a weekly downtrend that has seen losses of over 10%.

  • The token has also moved below its 25- and 50-day moving averages, suggesting the downtrend could last even further.

Data Source: Tradingview.com 

Axie Infinity (AXS) – Price prediction and analysis

Looking at the chart and some technical indicators, it is clear that AXS has been trading on a downward trend for quite some weeks. It did not start with the crypto slump of the new year. At the moment, the token has slid past its 25- and 50-day moving averages. 

More importantly, the price dropped below a crucial support level of $66. If the price action does not bounce back and hold above this threshold, then increased downward pressure will send AXS towards its next support, which is $50. 

However, this thesis will be invalidated if there is enough bull support above $66. If that happens, AXS could retrace gains back to its next upward support of $75.

Should you buy Axie Infinity (AXS)

The metaverse and blockchain gaming is an emerging new sector that is heating up. Axie Infinity (AXS) was one of the first pioneers of this industry, but there is increased competition. If you want some exposure to this sector, then it is a good buy. But as the blockchain gaming sector heats up, AXS will face significant pressure due to competition. 

The post Axie Infinity (AXS) Continues to meltdown – Should you buy it? appeared first on Coin Journal.

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Crypto will have a hard time rallying until stocks find a base, says Mike Novogratz

Crypto billionaire Mike Novogratz says markets are now in bear territory after recent sell-offs.

In December last year, Galaxy Digital CEO Mike Novogratz said Bitcoin needed to hold support at the $42,000 level or risk further declines below $40,000. In a bullish outlook for crypto, the crypto billionaire noted that the pullback would however present a decent buying opportunity for institutional investors.

This week has seen the broader crypto market track sell-off pressure in the equities, with Bitcoin and Ethereum both sliding below key support levels.

According to Novogratz, the tumbling stocks have exacerbated the negative outlook across crypto and the drawdown seen in Nasdaq and other stock indexes means the bear market is here.

Commenting on the crypto market outlook as well as the sell-off on Wall Street, he noted:

“The Russel index broke a major support and today’s roll over confirmed it’s broken. This is now a bear market. There is 1.2tr of bad equity longs above the market. Sell rallies. Don’t buy dips.”

Earlier, he had pointed to the retreating yields and the general downturn in the bond market and the impending interest rate hikes as spelling bad news for Nasdaq and cryptocurrencies.

However, he stated that the stock market and crypto would remain vulnerable to further rot if rates went up. To him, higher rates would see the 10-year Treasury yields jump to 2%, squeezing crypto and stocks lower.

Despite this projection, the Galaxy Digital chief believes cryptocurrencies have a chance at bouncing from recent lows. He notes that the crypto space has already felt the pain and currently looks set for “some buying pressure.”

But he warns the expected upside might not come unless the stock market stems the slide seen year-to-date. If the stocks continue to tank, Novogratz forecasts a “hard time.” He believes that a scenario where stock markets sink even deeper would limit any potential rally for crypto.

All the top ten cryptocurrencies by market cap are currently down double digits. The sell-off has wiped billions off the total crypto market capitalisation, cutting it by 11% to push it below the $2 trillion mark.

According to Stash CEO Brandon Krieg, the sharp declines across crypto offer a „perfect“ opportunity for retail investors to get exposure to cryptocurrencies.

In stocks, the Nasdaq is down 2.4% on Friday after entering a correction earlier in the week with a 10% slump. The S&P 500 is also tracking huge losses for the week, currently 1.4% down.

The post Crypto will have a hard time rallying until stocks find a base, says Mike Novogratz appeared first on Coin Journal.

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Now is perfect time for retail investors to gain crypto exposure, says Stash CEO

Stash chief executive Brandon Krieg was speaking to CNBC on Friday, a day after the fintech unveiled a new crypto investing app.

Stash CEO Brandon Krieg says the current declines across the crypto markets provide for an opportunity for retail investors to buy the dip.

According to Krieg, this is the time when those looking to get crypto exposure can look to buy one of the coins and hold long term.

In an interview with CNBC’s ‘Squawk Box’,’ he said Stash does not engage in day trading, and so does not advise on price movements. He noted that “nobody has the crystal ball” to tell what the market will be like short-term or even five, ten years from now.

However, as an investing firm that allows small investors to make incremental purchases of assets, he feels that the crypto winter offers a “perfect time” for anyone ready to make a long-term bet.

„For crypto exposure for our customers, we think it’s the perfect time for retail investors to start getting exposure to some cryptocurrency,“ Krieg told CNBC.

Stash announced a fully automated crypto investing app on Thursday, revealing a “Smart Portfolio” for a 4%-6% exposure. This exposure is however based on a customer’s risk profile, he added.

Commenting on whether at current prices major cryptocurrencies like Bitcoin and Ethereum were still a buy, Krieg affirmed. He added that Stash believes in the long-term outlook for these assets and that they forecast a rebound even as BTC and ETH correct heavily.

He also noted that the small investments approach Stash has adopted is beneficial, especially to people new to crypto and who don’t understand the market very well. He said the app is therefore tailored to give such investors a “simple and easy way” to get a piece of the cryptocurrency investment pie.

Stash has over 6 million customers and 2.3 million subscribers. Women make up 49% of new customers. The US-based firm has over $3 billion in assets under management (AUM). A private valuation for the company put it at $1.4 billion in February 2021.

Bitcoin price dropped sharply on Friday to touch lows of $37,800 and continue the bearish run that has seen it lose over 40% since the breakdown from the all-time high of $69,000. The sell-off is likely to deepen given the correlation with stocks.

On Friday, the Nasdaq opened lower after global stock markets shrunk, with the index down nearly 6% on the weekly log and tracking its worst performance since October 2020.

The post Now is perfect time for retail investors to gain crypto exposure, says Stash CEO appeared first on Coin Journal.