Pseudonymous analyst Altcoin Sherpa warns his 184,700 Twitter followers that the non-fungible token (NFT) gaming platform’s altcoin could decline more than 65% in price due to unlocks when investors can sell a digital asset after a vesting period expires.
According to the TokenUnlocks app, nearly 8% of the total token supply, or 21.5 million AXS, is set to unlock in three days.
“$3 Axie seems likely given all of the unlocks. If you’re in this, be careful.”
At time of writing, AXS is trading hands at $9.15.
“Why are many 2018 people scared of this price action? Because it reminds us of the $6000 floor. Bounces get weaker and weaker, like dropping a rubber ball on the ground. The first test is the best test and then responses get weaker and weaker.”
At time of writing, Bitcoin is changing hands at $19,157.
“Current trading range; lows around $6.80 are next if Bitcoin continues to dump…
[Technical analysis] not really valuable here on a newly listed coin but it still has a lot of volume and volatility. Probably going to pull back around $7.60 in my opinion. Still thinking this one moves hard if Bitcoin is stable.”
At time of writing, APT is changing hands at $7.46.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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