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AXI Infinity Token Drops 6.60% on Thursday Despite Previous Gains
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AXI is recording increased activity on the Infinity platform
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The coin is facing resistance at the 50-day moving average
After strong gains, AXI Infinity (AXS/USD) price is weakening. Despite maintaining a weekly gain of 16%, the coin declined by 6.60% in 24 hours. as CoinJournal informed ofThe bullishness of AXI Infinity reflects the increasing activity on the blockchain.
The increased activity on play-to-earn gaming platforms also comes as decentralization takes shape. As announced on 05 December, members of the “Invested” community have come together to achieve the goal. The announcement states that more than 600 dedicated members have come together to share the future of AXI Infinity. In addition, Axi Infinity is creating an early pilot “season” for its “Governance” section. As a result, it has selected 700 contributors for the tests.
The reaction of AXI Infinity Token to the recent developments can be expected to be somewhat positive. However, AXS remains in a bearish market.
AXS trades above 50-day MA but faces bearish pressure
From a technical point of view, the AXS withstands the pressure, although the speed is slightly faster. The MACD indicator is bullish and recently crossed above the neutral zone. The cryptocurrency initially trades at the 50-day MA after pushing it higher.
Can AXS Sustain the Upside?
Roughly speaking, AXS Price There is recession. The cryptocurrency has been on a downtrend. If the bulls are to take advantage of the relief rally, they should avoid a drop below the 50-day EMA. A recovery on the moving averages will set AXS up as the next potential resistance at $11.
Conversely, a downside move would take AXS to the 20-day EMA or low at $6. For further confirmation, investors should watch the price action.
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