Axie Infinity price faces risk of extending downtrend as holders dump AXS at losses
• Axie Infinity has seen a 58% increase in active addresses since April 6, signalling that user activity on AXS is on the rise.
• AXS holders realized nearly $165.6 million in losses since April 6.
• Increased activity combined with consistent selling pressure could result in a steep price correction towards November lows at $5.17.
Axie Infinity (AXS) rises nearly 2% on Monday despite holders realizing losses in the gaming token after its price touched the lowest level since mid-November on Saturday. While AXS investors are shedding their holdings at a loss, there has been a surge in active addresses and network growth, two key on-chain metrics that paint a picture of recovery.
However, a recent increase in the token’s supply on exchanges threatens AXS's recent recovery as it could signal more downside ahead.
Read More: https://www.fxstreet.com/cryptocurrencies/news/axie-infinity-price-faces-risk-of-extending-downtrend-as-holders-dump-axs-at-losses-202404150924
• Axie Infinity has seen a 58% increase in active addresses since April 6, signalling that user activity on AXS is on the rise.
• AXS holders realized nearly $165.6 million in losses since April 6.
• Increased activity combined with consistent selling pressure could result in a steep price correction towards November lows at $5.17.
Axie Infinity (AXS) rises nearly 2% on Monday despite holders realizing losses in the gaming token after its price touched the lowest level since mid-November on Saturday. While AXS investors are shedding their holdings at a loss, there has been a surge in active addresses and network growth, two key on-chain metrics that paint a picture of recovery.
However, a recent increase in the token’s supply on exchanges threatens AXS's recent recovery as it could signal more downside ahead.
Read More: https://www.fxstreet.com/cryptocurrencies/news/axie-infinity-price-faces-risk-of-extending-downtrend-as-holders-dump-axs-at-losses-202404150924
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