Axie Infinity and ApeCoin have all the characteristics of the best potential long-term performers.
ApeCoin APE/USD and Axie Infinity AXS/USD are among the top NFT cryptocurrencies in the market today. Not only did they do well in the last bull run, but investors still expect them to do better than the broader market once cryptocurrencies turn a corner.
Expectations around ApeCoin are driven by its connection to NFT’s Bored Ape range that took the world by storm in 2022. Axie Infinity, on the other hand, has benefited immensely from the growing adoption of its play-to-play games. earn which can be sold as NFT.
Although these two cryptocurrencies have potential, several risk factors could impact them. One of them is the classification of NFTs as securities by the SEC.
SEC Commissioner’s Comments on NFTs
Late last year, an SEC commissioner made a statement outlining the potential classification of NFTs as securities. Commissioner Hester Pierce said split NFTs could fall under SEC jurisdiction as securities.
With the recent collapse of the cryptocurrency market, there is a good chance that regulators will take a closer look at the market, including proposals like Pierce’s on NFTs.
The bright side
The good news is that none of these proposals have materialized despite the massive meltdown that has characterized the market recently. Also, after the recent collapse of top-tier cryptocurrencies, regulations can help restore investor confidence in cryptocurrencies, especially NFTs.
As such, high-flying NFT projects like ApeCoin and Axie Infinity should pay off big time whether there are regulations or not. They have strong communities and their NFTs are already a mile ahead of others when it comes to adoption.
Essentially, now that they are trading at extremely low levels from their most recent all-time highs, these two cryptocurrencies are strong crypto buys today.
ApeCoin/USD – More downside likely
ApeCoin is currently reaching lower highs on the 1-hour chart. This downtrend could indicate further downside in the short to medium term. If the bears push ApeCoin through the $4.5 support, prices below $3 could be seen in the near term.
Source: Trading View
AXS/USD Price Analysis – Bearish Continuation Pattern
Like ApeCoin, Axie Infinity is currently hitting lower highs. It is an indicator that the bears firmly control. If the bears continue to push the market lower and Axie Infinity breaks its intraday low of $13.81, then prices below $10 could be tested in the near term.
Source: Trading View
However, it is essential to note that these two altcoins, like the rest of the market, tend to move in tandem with the price of Bitcoin. Essentially, if Bitcoin makes a sudden reversal in the short term, these two could also rally.
With Bitcoin mostly expected to do well over time, it’s safe to say that these low prices are an opportunity to buy Axie Infinity and ApeCoin. The chances of their growth in the next few years are quite high.