Top NFT cryptocurrencies to consider buying in the crypto bear

Top NFT cryptocurrencies to consider buying in the crypto bear

By Motiur Rahman - min read

Axie Infinity and ApeCoin have all the hallmarks of potential top performers long term.

ApeCoin APE/USD and Axie Infinity AXS/USD are among the top NFT cryptocurrencies in the market today. Not only did they do well in the last bull run, but investors are also still expectant that they will do better than the broader market once cryptocurrencies turn a corner.

Expectations around ApeCoin are driven by its connection to the Bored Ape line of NFTs that has taken the world by storm in 2022. On its part, Axie Infinity has benefited immensely from the growing adoption of its play-to-earn games that can be sold as NFTs.

While these two cryptocurrencies hold potential, several risk factors could impact them. One of them is the classification of NFTs as securities by the SEC.

SEC commissioner’s comments on NFTs

Towards the end of last year, an SEC commissioner made a statement that pointed to the potential classification of NFTs as securities. Commissioner Hester Pierce said that fractionized NFTs might fall under the jurisdiction of the SEC as securities. 

With the recent meltdown in the cryptocurrency market, the odds are regulators will take a closer look at the market, including proposals like Pierce’s on NFTs. 

The bright side

The good news is that none of these proposals have come to pass despite the massive meltdown that has recently characterized the market. Besides, after the recent collapse of high-profile cryptocurrencies, regulations may help return investor faith in cryptocurrencies, especially NFTs.

As such, high-flying NFT projects like ApeCoin and Axie Infinity stand to reap big whether there are regulations or not. They have strong communities, and their NFTs are already a mile ahead of the rest in adoption.

In essence, now that they are trading at massive lows from their last all-time highs, these two cryptocurrencies make for strong crypto buys today.

Price analysis

ApeCoin/USD – More downside likely

ApeCoin is currently making lower highs on the 1-hour chart. This bearish pattern could indicate more downside in short to medium term. If bears push ApeCoin through the $4.5 support, then prices below $3 could be seen in the short term.

Source: TradingView

AXS/USD price analysis – Bearish continuation pattern

Like ApeCoin, Axie Infinity is making lower highs at the moment. It is an indicator that bears are firmly in control. If bears keep pushing the market lower and Axie Infinity breaks its intra-day low of $13.81, then prices below $10 could be tested in the short term.

Source: TradingView

However, it is essential to note that these two altcoins, like the rest of the market, tend to move in tandem with the price of Bitcoin. In essence, if Bitcoin makes a sudden turnaround in the short term, these two could also rally.

With Bitcoin primarily expected to do well over time, it is safe to say that these low prices are an opportunity to buy Axie Infinity and ApeCoin. The odds for their growth in the next few years are pretty high.