Axie Infinity (AXS) and other metaverse tokens are skyrocketing this weekend. These tokens are coming off a very troubled couple of weeks in January. But it seems they have managed to stop the bleeding and are now eyeing some bullish uptrend of sorts. Here are the highlights:
Despite the 24-hour surge, technical indicators on the chart appear to suggest a bearish trend for AXS and other meta coins.
The surge is likely triggered by the latest developments in the metaverse space with big-name companies announcing major meta-related news.
Data Source: Tradingview
Axie Infinity (AXS) – Will there be a pullback?
It is likely that we will see a pullback in the price action over the coming days. The 16% surge over 24 hours is a welcome site for AXS and other meta coins. But most of this is driven by big market news in the metaverse space.
First, we heard over the weekend that Disney, one of the biggest entertainment companies in the world, is making major moves into the metaverse. This has increased investor appetite towards meta coins in the short term. Besides, after Bitcoin (BTC) managed to surge back towards $44000, the entire market has followed suit as well.
Also, AXS is seeing a massive uptick in trading volume in the last 24 hours with an increase of 137%. It seems investors are positioning themselves to take advantage of these metaverse developments in the near future.
Why you should buy Axie Infinity (AXS)
The metaverse is here to stay. This universe is now attracting some big-name companies including Meta itself, Google, Apple, and now Disney. Meta coins are therefore worth having.
The biggest risk with Axie Infinity (AXS) is that it is susceptible to increased competition in blockchain gaming. But we still expect it to be a major player in this space, making it a decent buy for any investor.