Amsterdam, the Netherlands - October 24, 2018: Website of Axie Infinity, a game about collecting and raising fantasy creatures called Axi.
Axie infinity price did well in July, closing the month with a gain of 23 per cent. However, August has started on a rough note, with the crypto already down by 6 per cent. Today, the crypto is down by 4 per cent, and the session is also looking highly likely to continue dropping.
For the past week, reports indicating that Axie Infinity CEO moved crypto tokens after the platform was hacked and cybercriminals made away with over $600 million before announcing the hack to the public have continued to dominate in the newsfeeds. According to the reports, Trung Nguyen moved $3 million worth of Axie Infinity’s main token, AXS, to the crypto exchange Binance.
To many looking at these reports, Nguyen’s actions look suspicious because, after moving the tokens, the hack was made public. The withdrawals were also stopped, indicating that the move of the tokens would have protected the platform CEO’s assets from being withheld as the company continued to look for solutions following the hack.
However, in a series of tweets, Nguyen indicated his actions had no bad intentions. The CEO explained that the move was just a coincidence and moving money would happen regardless of whether the hack occurred.
Looking at the chart below, the news of the platform’s CEO seems to not have had any impact on the markets. Despite failing to react to fundamentals, the Axie infinity token is on a strong and aggressive downward push and is already down by 4 per cent and is likely to continue dropping throughout the session.
The price action also looks aggressively bearish, and there is a high likelihood that, in the next few trading sessions, we will be in the current bear trend. Therefore, my Axie infinity price expectation is for the crypto to continue dropping, with a likely price level dropping to trade below $15. However, my bearish trend will be invalidated should the prices trade above yesterday’s opening price of $18.
This post was last modified on %s = human-readable time difference 16:52