$AXS AXS (Axie Infinity Shards) is currently in a complex position within the market as of October 16th. Today, I would lean slightly bearish on AXS due to broader concerns in the NFT gaming sector, including declining user engagement and market saturation. The tokenâs price has struggled to gain momentum in recent months, and there are signs that traders are hesitant about committing heavily without clear signals of Axie Infinity expanding its player base.
However, bullish arguments still exist for the longer term. The team behind Axie is continuously innovating within the GameFi space, which could lead to potential upticks if new features or game mechanics can reignite interest. Additionally, if the broader crypto market enters a bullish trend again, AXS could benefit from overall positive sentiment.
For now, though, without immediate catalysts and given recent price performance, the short-term outlook leans more bearish. Long-term holders should keep an eye on development updates to assess potential rebounds.
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