2024-05-23 22:00:48 by NewsBTC

Axie Infinity (AXS), the popular play-to-earn game token, appears to be drawing significant attention from crypto analysts and investors alike. Recent analyses by renowned crypto experts Ali and Captain Faibik have identified key patterns and technical signals indicating a possible bullish breakout for AXS. The analysts observed an inverted head and shoulders pattern on the weekly chart of AXS, a classic technical indicator often associated with the reversal of a downtrend and the start of a bullish phase. Major Rally Predicted For Axie Infinity (AXS) Ali predicts that if AXS can successfully break through the $13 resistance level, it could trigger a rally, pushing the price toward $22 or higher. Captain Faibik shares this optimism, pointing out a bullish trajectory on the 8-hour timeframe. #AxieInfinity appears to form an inverse head-and-shoulders pattern on the weekly chart, which anticipates $AXS to rise toward the neckline at $13 before a potential breakout to $22. pic.twitter.com/99kVKwUrwc — Ali (@ali_charts) May 23, 2024 Faibik noted a decisive breakout from a significant falling logarithmic trend and suggested that, following a retest phase, AXS might experience a surge of up to 40 percent in the near term. $AXS Major Trendline Breakout & Retest has confirmed on the 8hr timeframe Chart.. ✅ Looks Promising for the +40% Bullish Rally in the near term. 📈#Crypto #AXS #AXSUSDT pic.twitter.com/VrxIndGIDc — Captain Faibik (@CryptoFaibik) May 23, 2024 Despite the positive technical outlook, Axie Infinity has faced challenges, including a significant drop in user engagement. Following its crash in February 2022, the token AXS has since fallen from its all-time high of $164 in November 2021, plummeting by 95%. The asset is currently trading at around $7.72, an increase of 0.9% in the past 24 hours and nearly 8% over the past week. AXS price is moving upward on the 4-hour chart. Source: AXS/USDT on TradingView.comThis price movement coincides with a generally bullish trend in the global crypto market, fueled by anticipation of Altcoin ETFs’ approval, particularly for Ethereum. Axie Infinity is currently ranked as the 87th largest cryptocurrency by market cap, maintaining a valuation of around $1.1 billion. The 24-hour trading volume for AXS stands just above $41 million. Despite its mid-cap status, Axie Infinity’s network metrics have declined, such as unique active wallets (UAW) and volume. DappRadar data shows a 5% decrease in UAW and a 49% drop in volume over the past 24 hours, with current UAW at 43,500 and volume slightly above $1 million. Recent Security Breach and Future Outlook The backdrop of these market dynamics includes a recent security incident involving Jeff “Jihoz” Zirlin, co-founder of Sky Mavis, the company behind Axie Infinity. In February, two of Zirlin’s crypto wallets were compromised, leading to the theft of over $10 million in various crypto assets, primarily RON, the native token of Ronin Chain. This chain is an Ethereum sidechain designed specifically for Axie Infinity. Zirlin confirmed that the breach was limited to his accounts and did not impact the Ronin chain or Sky Mavis operations. He emphasized that the stolen private keys were not connected to the company’s internal systems and reassured the community of strict security measures for all chain-related activities. Despite the setback, Zirlin remains optimistic about the future and is committed to bringing economic freedom to users through Axie Infinity. Featured image created with DALL·E, Chart from TradingView Samuel Edyme Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics. When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.” PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.