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Axie Infinity price shoots up 40% today: today’s top gainer

Axie Infinity (AXS) has hit a high of $13.83 today. AXS is today’s top gainer followed by STEPN coin. Here is a deep dive into what is causing today’s price surge. After a calm weekend with most cryptocurrencies consolidating their previous gains, Axie Infinity has started the week with a bang after climbing to a […]

The post Axie Infinity price shoots up 40% today: today’s top gainer appeared first on CoinJournal.

  • Axie Infinity (AXS) has hit a high of $13.83 today.
  • AXS is today’s top gainer followed by STEPN coin.
  • Here is a deep dive into what is causing today’s price surge.

After a calm weekend with most cryptocurrencies consolidating their previous gains, Axie Infinity has started the week with a bang after climbing to a four-month high of $13.83.

AXS has traded below $12 since mid-September and dropped to as low as $6 towards the end of 2022. The token has however turned the tables and staged a steady recovery since the start of 2023 with today being one of the greatest days for the token in recent history. 

At press time, the token was trading at $12.86 after a slight pullback from a high of $13.83.

But what is pushing the price of AXS up and how far will it go? Here are the forces behind today’s AXS rally.

What is pushing Axie Infinity price up?

Although the crypto winter brought the price of the Axie Infinity token down from its all-time high (ATH) of $165.37 to trading below $10, the increased gaming activity on the Axie Infinity blockchain is largely behind the ongoing bullish price action.

Axie Infinity is branded as a blockchain-based battling game owned and operated by players around the world. Inspired by such games as Tamagotchi and Pokémon, and the ability of players to collect, breed, raise, battle, and trade token-based creatures the Axie Infinity ecosystem has seen increased growth since the start of 2023.

Axie Infinity currently ranks as the most successful play-to-earn (P2E) game within the blockchain industry and the booming sentiment among gaming tokens has also boosted AXS performance with many investors now anxious to see what the future holds for the token. 

The post Axie Infinity price shoots up 40% today: today’s top gainer appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Pro: the recent rally in Bitcoin may not be ‘sustainable’

Katie Stockton expects a pullback in Bitcoin price ahead. She explained her “neutral” view on CNBC’s “Squawk Box”. Bitcoin has climbed roughly 40% since the start of 2023. Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily. […]

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

  • Katie Stockton expects a pullback in Bitcoin price ahead.
  • She explained her “neutral” view on CNBC’s “Squawk Box”.
  • Bitcoin has climbed roughly 40% since the start of 2023.

Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.

Stockton defends her stance on CNBC

Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.

Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:

When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.

The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.

Bitcoin has broken above its 200-day MA

Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.

Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:

This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.

She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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