Axie Infinity Faces Potential Weekend Price Drop, Creating Buying Opportunities

Axie Infinity, the popular blockchain-based game, has recently displayed robust short-term bullish momentum. However, there are indications that prices may experience a decline over the upcoming weekend.

Timeline of Axie-infinity

As investors weigh in on the latest approval of a leveraged Bitcoin Exchange Traded Fund (ETF) product that was approved by the United States Securities and Exchange Commission (SEC), tokens like Axie Infinity are capitalizing on this broader sentiment and complemented by a rare ecosystem event which went live today.

The virtual event includes leaders in Web3 gaming, including: Axie Infinity, BNB Chain, Splinterlands, Aavegotchi, Alien Worlds, and Upland. DETROIT, June 22, 2023 - Benzinga, a prominent source of investment information in both traditional finance and Web3, has unveiled the next installment of its virtual event series, Crypto Unlocked.

Speculators going short on Bitcoin and crypto are hurting today as markets have surged. As a result, there has been a large number of liquidations on short positions as BTC and its brethren rebound from weeks in the doldrums.

As the crypto market holds its breath, one company is readying to drop a bombshell that could echo through the corridors of digital currency. On July 1, Celsius Network, a now-bankrupt crypto lender, plans to sell off a staggering $215 million in altcoins, marking an unprecedented liquidation.

Axie Infinity's (AXS) price slid to a three-year low amid the ongoing legal battle against US SEC. In addition to the price decline, on-chain data shows players are increasingly abandoning the GameFi protocol.

Amidst legal battles with major crypto exchanges and growing regulatory scrutiny, the AXS token sees a dramatic price drop. Is this a market correction, or does it signal an impending crash for the play-to-earn pioneer, Axie Infinity?

The market is currently experiencing a downturn fueled by an unsettling combination of FUD (fear, uncertainty, and doubt). Adding to this challenging situation is the recent lawsuit filed against Binance by the US Securities and Exchange Commission.

Decoupling from the broader market sentiment, the Metaverse coin has experienced significant growth for nearly two weeks. These meta coins on a recovery streak are gradually reclaiming higher ground, offering traders the opportunity to take long entries.

Axie Infinity Origins, the blockchain-based, play-to-earn (P2E) game, has successfully cleared Apple's rigorous App Store review process and the game's app is now available for Apple iOS users.

On Wednesday, the renowned game developer Sky Mavis revealed the release of the Origins crypto game on Apple's App Store, allowing individuals from selected countries to enjoy the game seamlessly. The update triggered increased on-chain activity on Axie Infinity's platform (within the Ethereum blockchain). That confirmed surged appetite from retail participants.