Is Axie Infinity Going to Zero? AXS Price Sinks 5.5% as Viral New Meme Coin Raises $1,000,000 – Next Shiba Inu?

cryptonews.com:

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.

UPDATE:

FTX/Alameda transferred ~$20.2M assets today, including:

2,780 $ETH($5M)
47.16M $GRT($4.9M)
1.14M $DYDX($2.6M)
972,073 $RNDR($2.3M)
71.6M $GALA($1.37M)
192,906 $AXS($1.06)
…

As of Nov 1, FTX/Alameda had transferred ~$127.5M in crypto assets.https://t.co/CPxLi4jr91 pic.twitter.com/VRV3CLdKSB

— 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.

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 begun to cool-off the RSI – which was showing significant overbought bearish divergence amid the resistance test.

Now