The cryptocurrency market has lost more than $200 billion over the past 24 hours.
The crypto market has been in a bearish trend for the past few days. Since the start of the week, the market has lost more than $400 billion. Over the last 24 hours, the crypto market has lost more than 16% of its value and the total market cap now stands above $1.1 trillion.
Bitcoin has dropped below $30k after losing nearly 12% of its value in the last 24 hours. LUNA, the native token of the Terra ecosystem, remains the biggest loser in the market.
LUNA has lost more than 98% of its value in the past few hours and now trades around $0.06 per coin. This is a massive decline from the all-time high above $100 it set a few months ago.
AXS, the native token of the Axie Infinity ecosystem, is currently the best performer amongst the top 40 cryptocurrencies by market cap. AXS is up by more than 2% over the past 24 hours.
The positive performance comes after the Axie Infinity team announced that its Origin game is now available on Android mobile devices. With this launch, more players will have the opportunity to battle, collect, and trade their own digital pets.
1/ Axie Infinity: Origin is LIVE on Android Mobile devices!🎉
With 3 free starter Axies and this mobile release, Axie Infinity is now more accessible than ever!
Download it here👇https://t.co/AKsLWujrP7
— Axie Infinity🦇🔊 (@AxieInfinity) May 12, 2022
Key levels to watch
The AXS/USD 4-hour chart is bearish despite the positive performance by Axie Infinity.
The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 46 shows that AXS is still not out of its oversold region.
At press time, AXS is trading at $23.42. If the positive performance continues, it could surge past the first resistance level at $27.27.
However, with the broader market currently bearish, AXS could retrace and dip below the $20 market before the end of the day.