- AXS(Axie Infinity) is currently caught in a downward market trend, marked by a consistent pattern of lower highs and lower lows, indicating a challenging trading environment.
- On October 20, 2023, AXS is set to experience an unlock event, involving the release of 15.13 million tokens valued at $63.38 million. This event is expected to have a significant impact on the price of AXS and could lead to increased selling pressure and potential shorting by traders.
Axie Infinity (AXS):
AXS is currently trading at $4.20 and is down by 0.68% today. If we examine the past 7 days, AXS has decreased by 6.65%, reaching a high of $4.53 and a low of $4.15. Over the last 30 days, it has declined by 1.5%, and during this period, it reached a high of $5 and a low of $4.15. The current market cap of AXS is $593.657 million, with a circulating supply of 141.311 million tokens, accounting for 52.34% of the maximum supply of AXS.
On October 20, 2023, AXS(Axie Infinity) will have an unlock event of 15.13 million tokens, valued at $63.38 million. This unlock represents 11.5% of the current supply of AXS. The distribution of unlocked tokens is provided in the table below:
| Tokens Distributed To | Tokens Amount | Tokens Worth |
| Team | 6.08 million | $25.09 million |
| Advisors | 554.75 million | $2.32 million |
| Play to Earn | 3.38 million | $14.14 million |
| Ecosystem Fund | 1.69 million | $7.07 million |
| Staking Rewards | 3.43 million | $14.35 million |
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IMPACT OF UNLOCK:
AXS is trading in a downward channel, consistently establishing lower highs and lower lows. The upper trendline of the wedge is continually suppressing the price of AXS(Axie Infinity). Since we have an unlock event on October 20th, it is expected that the price of AXS will decrease and is likely to reach its previous support level at $4. This support is crucial for AXS to maintain, as a breach of this level could lead to a sell-off, potentially causing the price to drop to $3.40.
Considering the unlock event, AXS’s price may experience significant selling pressure, and traders may also short AXS. It has been observed that, to liquidate traders, exchanges sometimes manipulate asset prices, resulting in increased volatility in AXS prices. Traders and investors are advised to carefully manage their trades and stay updated with market news.
Conclusion:
In conclusion, AXS is currently facing a challenging market environment with a downward trend, characterized by lower highs and lower lows. The impending unlock event on October 20, 2023, is anticipated to exert further downward pressure on the price of AXS, possibly causing it to revisit its critical support level at $4. Maintaining this support is essential, as a breach could trigger a significant sell-off, potentially driving the price down to $3.40.
The unlock event is likely to result in heightened selling activity and short positions taken by traders. Additionally, exchanges may manipulate asset prices to facilitate trader liquidation, leading to increased volatility in AXS prices. To navigate these challenges effectively, traders and investors are strongly encouraged to manage their trades judiciously and stay well-informed about market developments.
In this dynamic and evolving cryptocurrency landscape, vigilance and a proactive approach are key to making informed decisions and mitigating risks associated with AXS and similar assets.
References from TradingView and TokenUnlocks
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
