Ronin Bridge is open, Axie Infinity. Will AXS continues its climb?

The cryptocurrency market continues its poor performance this week, with most of the coins in the top 100 currently trading in the red zone.

Since the beginning of the week, the cryptocurrency market had been underperforming. Since then, the market has lost more than 4% of its value. And may fall below $900 billion if things continue as they are.

However, there are a few digital assets that have bucked the trend and posted gains over the last 24 hours.

One of the digital assets that have posted gains is Axie Infinity (AXS). The decentralized game platform has seen its price increase by more than 5% in the last 24 hours. Axie Infinity is currently trading at $0.267071 and its market cap is $258 million.

The price of Axie Infinity has been on a tear since the beginning of the year. The price of the digital asset has surged by more than 1,600% since January 1st. The impressive price rally has been driven by the launch of Ronin Bridge.

Bitcoin has slipped below $21,000 for the first time in several days. Ether is under pressure to defend its $1,200 per coin top against a 7% drop in value over the previous 24 hours.

The price of AXS, the native token of the Axie Infinity biosphere, has also been floundering. Despite announcing that the Ronin Bridge is now open, AXS has dropped by more than 7% in the past 24 hours.

This follows the sudden collapse of the Ronin Bridge, which lost over $600 million in user funds. The team states that user funds are completely backed by the new bridge’s launch. And it had completed an internal audit as well as two external audits.

The Axie Infinity team is confident that the Ronin Bridge will help the project become more decentralized and improve user experience. However, it remains to be seen if AXS can recover from its recent losses and continue its climb.

Even though this was a good development, AXS underperformed. In the past 24 hours, it’s down 3.82% and is currently trading at $0.034.

Critical levels to watch

The AXS/USD 4-hour chart is on the decline, with AXS’s price dipping by over 7% within the last 24 hours. At the moment, AXS is lagging behind the technical indicators.

Data Source: Tradingview

The MACD line has been dropping below the neutral zone for a few hours now, and AXS has sustained massive losses. The 14-day RSI indicates that if the bearish sentiment continues, AXS could enter the oversold region.

On the downside, the first support level is at $0.032. This is followed by $0.03 and $0.028. On the upside, Axie Infinity will face resistance at $0.036, $0.038, and $0.04.

Ronin Bridge is open, Axie Infinity. Will AXS continues its climb?

The much-anticipated Ronin Bridge was finally launched yesterday and Axie Infinity (AXS) has been one of the biggest beneficiaries so far.

The price of AXS surged by more than 30% after the news broke out. Bringing its market capitalization back above $100 million.

At the time of this writing, AXS is valued at $15.05. If the downturn continues, AXS may fall below the $14.01 support level in the next few hours or days. In the near term, AXS should continue to climb above the $12.28 support level in the short term.

The Axie Infinity team recently announced the launch of Ronin Bridge. Which will allow users to bridge their Axies from Ethereum to BSC. The news could not have come at a better time as AXS has been underperforming in recent days.

It remains to be seen if the Ronin Bridge will help AXS recover its losses. Or if the coin will continue to slide down the charts. Only time will tell.

Meanwhile, what do you think about AXS? Hit the comment section and let us know your thoughts!