James Atkins
Editor
Editor
The value of Axie Infinity (AXS/USD) has decreased a lot recently. It has lost more than 94% since November 2021. This means that if you had bought $100 worth of AXS then, it would only be worth $6 now. Some experts think it might go down to $4 soon.
Last year, gaming tokens became popular during the crypto boom. But this year, they are not doing well because people expect the economy will get worse. Axie Infinity is one of these gaming tokens and it is not doing well because fewer people are playing the game.
As a result, the player count on the play-to-earn platform has dropped sharply by 74% since January; and investors are finding less fun in games.
Another potential issue is on the horizon for AXS. On October 11, the developers announced that more Axie Infinity Shards would be unlocked, starting on October 24. This is expected to increase the supply ofAXS tokens by about $185 million.
In response to community members adamant about their displeasure, AXS COO Leonard Larsen defended the move. Explaining that unlocked tokens are nothing like those currently in circulation. He simply responded with “business as usual.”
However, the market is not doing well. For the past week, AXS has fallen by 22%. This means that it is not likely to go up any time soon. Below is the technical outlook:
Source: Tradingview
The price of AXS is going down. This is because the MACD crossover is bearish, meaning that the price will continue to slide in the next few days.
The next support level for AXS is around $4, which means that there is potential for a 50% decline in the price. If the bulls do not stop it from going down any further.
AXS is a digital collectibles game on Ethereum where players can breed, battle, and trade fantasy creatures called Axies. It recently announced its transition to its blockchain, AXS Chain, which will run parallel with the Ethereum network.
AXS has seen significant growth in 2020. With a market cap increase of over 500% and daily active users growing by 400%. However, the recent sell-off in the cryptocurrency market has hurt AXS. Causing it to fall from its all-time high of $10.50 in mid-May to its current price of $8
Some people think that AXS is a good investment because it has a growing user base. And partnerships with major companies like Samsung and Animoca Brands.
But other people are worried that the company could be at risk of regulatory crackdowns on gaming and collectibles platforms.
The market is not doing well for AXS right now. This means that people are selling it for lower prices than before. The cryptocurrency might continue to go down in price and receives support at the $4 bottom amid a bear momentum. Investors should be patient and buy at the potential bottom.
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I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
