After 4-days of resistance testing, Axie Infinity’s rally appears to have met rejection from the 200DMA, in a move that could spell disaster as AXS price sinks -5.5%.
The downside move can be partially explained by a spike in FUD, stemming from a movement of FTX digital assets onto centralized exchanges including a significant quantity of AXS tokens.
FTX/Alameda transferred ~$20.2M assets today, including:
— Lookonchain (@lookonchain) November 1, 2023
Look Onchain revealed that 192,906 AXS has been moved – with a value of around $1,058,802 – threatening local price action for the leading GameFi token.
AXS Price Analysis: Axie Infinity Drops -5.5% After Rejection From the 200DMA
As AXS price reels from the drop, Axie Infinity is currently trading at a market price of $5.26 (representing a 24-hour change of -3.68%).
AXS price now faces a downside tumble to lower support, with AXS likely to find footing at the nearest support level around $5.15.
This comes as price rejects from 3-days of hard-fought resistance testing at the 200DMA – a moving average untouched since April, with the -5.5% move occurring following rejection.
However, the downside also follows a broader retracement across GameFi tokens – which have seen a broader -5.09% drop across the vertical amid declining trading volume.
Yet, all is not lost, as AXS price action remains trading high above the 20DMA (currently sat at $4.70).
In another positive development, the recent retracement movement has began to cool-off the RSI – which was showing significant overbought bearish divergence amid the resistance test.
Now stood at 63.19, the RSI signals that a potential consolidation at lower $5.15 support could prime price action to move up once more.
While the MACD continues to show bullish divergence at 0.115 – highlighting remaining bullish momentum despite the downside move.
Overall, AXS price looks strong here, with a bounce at lower support potentially priming a second rally leg in November – a historically strong month.
On the short-time frame AXS has an upside target at the 200DMA around $5.78 (a possible +8.65%).
While downside risk here could see AXS fall to lower support at $5.15 (a potential -3.20%).
This leaves AXS price with a current risk: reward ratio of 3.29 – a good entry – with limited downside potential on the short-time frame.
Yet, while Axie Infinity is tumbling, an emerging GameFi presale is burgeoning with promise as it rockets past $1m raised.
Meme Kombat Hits $1M in Funding As Meme Coin Capital Floods Into Presales
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
WE DID IT FIGHTERS!
We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36
— Meme Kombat (@Meme_Kombat) November 1, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.