GameFi is becoming increasingly popular and play-to-earn (PTE) games and their tokens are gaining massive interest, such as Axie Infinity, which had a massive rally from July until November. Shiba Inu is a meme coin, which has shown bullish pressure sporadically, as we saw it surge during October, but this cryptocurrency has also been bearish since November, following the crypto market down.

Shiba Inu Daily Chart Analysis – MAs Keep Pushing SHIB Down

Shiba still making lower highs

SHIB/USD went through a massive surge in October as it appreciated more than 10 times in value, increasing to $0.000090 where it reversed down and has been declining since then. The decline has been steady, with moving averages such as the 50 SMA (yellow) providing resistance during pullbacks higher which have been pretty weak. The most recent retrace higher came last week as the exchange platform Robinhood said to list Shiba Inu.

The previous resistance above $0.000030 turned into support for some time, with the help of the 100 SMA (green), but it was eventually broken and Shiba coin fell in the phantom zone. Although, there is support around $0.000024, where we are looking to buy this cryptocurrency. The sentiment in the market has to change as well.

Axie Infinity Daily Chart Analysis – Support Turns Into Resistance

Axie Infinity heading toward the $50 support

Axie Infinity had the most intensive bullish run from July when it was trading at around $5, until early November when it reached $165, which means gaining 33 times in value. Since then, AXS/USD has been retreating, falling to $65 earlier this month, breaking below the support level above $80. Now, that zone has turned into resistance after Axie failed to push above it last week.

Axie Infinity launched its own decentralized exchange (DEX) recently called Katana, which could be a game changer for Axie. Axie is also moving to add staking for AXS token soon, which would increase the popularity and the real world use-cases for these coins. Besides that, the Axie Infinity team announced plans to head to a 2.0 version of this game late last year. So, Axie has a future and this pullback is a good opportunity to look to buy these coins, probably at around $50, which is a decent support zone.