- AXS has made its way to the top 10 list of most purchased tokens by ETH whales.
- The price of AXS has fallen 0.77% over the last 24 hours.
- Investors and traders may enter into a long position once AXS consolidates.
The crypto whale tracking website, WhaleStats, tweeted this morning that Axie Infinity (AXS) is now one of the top 10 purchased tokens among the 500 biggest Ethereum (ETH) whales in the last 24 hours.
Axie Infinity is currently ranked number 58 in terms of market cap, with its market cap standing at $858,845,077. This places it below BitDAO (BIT) with its market cap of $879,552,418, and above Zcash (ZEC) with its market cap of $813,038,654.
CoinMarketCap shows that the price of AXS is trading at $8.87 at the time of writing following a 0.77% fall in price over the last 24 hours. However, AXS was able to establish a daily high at $9.11. This suggests that the price drop may be investors or whales offloading a portion of their AXS long positions.
AXS has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.94% and 1.65% respectively. Another statistic that has fallen for AXS is the 24-hour trading volume, which now stands at $93,465,268 after dropping 43.78%.
Bears have forced the price of AXS down to its current level as the token’s price has slumped over the last 5 days. This has also forced the Relative Strength Index (RSI) line to slope negatively towards extreme oversold territory.
Traders and investors may see the current situation as a buy opportunity and may enter into long positions as soon as the price of AXS consolidates. This will ignite an upwards move that will challenge the 9 Exponential Moving Average (EMA) line, which will take the price to around $9.50 – a 7.1% increase from the current level.
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