Decentralized Finance (DeFi) has seemingly taken the finance world by storm in the last couple of years as the $80 billion industry is predicted to become an $800 billion industry by next year. DeFi offers people alternative methods of finance that do not rely on conventional financial intermediaries and institutions. Many tech companies worldwide have embarked on the development of blockchain and DeFi related projects, making tech penny stocks more and more popular. With this in mind, the emerging DeFi company – Axis Technologies Group, Inc. (OTC:AXTG) – is turning hands after its 160% runup over the last two days,
AXTG’s sole aim is acquiring companies with untapped potential to develop blockchain and DeFi related projects. Recently, ATXG officially announced the acquisition of TiENCHAT and T8 Exchange (T8EX). TiENCHAT is a global multilingual social networking platform relying on blockchain. T8EX is involved in a number of different projects including: enabling TiENCHAT users to trade cryptocurrency through the app and the development of ETHFUND. ETHFUND is a decentralized NFT minting, swap, listing, and exchange platform that will enable TiENCHAT users to trade NFTs through the app.
On September 15th, the CEO of AXTG – Willian Tien – issued a letter to shareholders introducing himself and his pioneering achievements in the DeFi industry. He then started breaking down the future of the company and its aims for the upcoming year. Its plans have piqued the interest of many investors who are closely watching the emerging DeFi industry.
The DeFi industry is growing exponentially at a staggering rate and one of AXTG’s main goals for this year is seeking out valuable acquisitions that will add value to the company. Capital growth and financing initiatives are high on AXTG’s priority list along with actively communicating news regarding upcoming catalysts with shareholders.
On September 17th, the company announced the official inauguration of ETHFUND – its proprietary exchange platform. AXTG is releasing its first premium-experience, high-value NFTs as well. Having obtained exclusive rights to develop a historic Babe Ruth and Roger Maris Autographed Baseball NFT, AXTG is making inroads into the lucrative area of baseball memorabilia. The patented image-capture technology used to develop the baseball NFT is renowned as best-in-class.
Then AXTG recently tweeted that its CEO Tien will be speaking at the World NFT & DeFi Show on September 22-23rd in Dubai, UAE. This is another potential catalyst as investors eagerly wait to hear more from the company’s CEO.
@S_AnglinIV was proactive in bringing FinTwit the DD on this runner – highlighting the importance of direct communication between a CEO and their shareholders.
After a very stable month, AXTG spiked on September 15th rising from a value of $.042 to its current trading value of $.11 – constituting a more than 160% increase in two days. Trading at its new resistance level of .11, AXTG has a support line at $.0292 and a secondary support at $.0220. Accumulation has almost tripled in the runup and the RSI shows significant overbuying at 88. The MACD is on the upside and trending upwards with no sign of a crossover, moving strongly with the positive trend.
Should You Buy?
Following these recent developments, the stock seems to be exponentially increasing in value – increasing over 500% in the past two weeks. With the most recent talk of new acquisitions, capital growth, and maintaining strong company-shareholder communication, it seems that AXTG is stepping up its activity. This positive trend could continue following its recent announcements, which means the stock could break through its current resistance of $0.11 for further gains. However, it has been witnessing growth for a few days in a row, making a dip in value likely. Regardless, it is currently considered one of the OTC’s booming tech penny stocks.
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