Michaël van de Poppe Called Correction Looming For Axie Infinity
Michaël van de Poppe, a widely-followed crypto trader and analyst is looking into Axie Infinity’s (AXS) path ahead, after the gaming asset went parabolic over the last month.
According to CoinGecko, Axie Infinity’s governance token AXS’s price soared by over 800% in the past 30 days, as the blockchain-based trading and battling game became the the highest-grossing decentralized application (DApps) on record.
AXS coin holders can shape the direction of the in-game universe and vote on proposals affecting the platform.
Axie Infinity’s growth is phenomenal, as the rest of the wider crypto market is taking losses left and right. $300 billion in overall left the market in the past month.
In a recent video, Van de Poppe opined that AXS seems overbought, and traders are risking a “potential heavy loss” if they choose to enter the market. AXS will ultimately correct, says Van de Poppe.
“The risk, or the downside, is significant with chasing a coin like this… This is way too overextended.”
According to the analyst, traders who wish to jump into AXS should look to buy in when the asset is nearing levels of support rather than areas of resistance. The first level of support is in the 0.00055 satoshis (sats) region, followed by 0.00035 and 0.00015.
In fact at the time of writing, AXS seemed to have corrected some of its gains. It’s currently trading $19.99, with 24% losses on daily chart.
