- Axie Infinity has displayed bearishness lately.
- AXS has lost more than 55% of its ATH.
- Here is what you might expect from the coin in the short term.
Axie Infinity (AXS/USD) has seen challenging price actions within the last few months. The altcoin dropped around 55% from its November all-time high at $172, exploring value levels of $76 during this publication. Such trends saw the asset’s market cap plunging towards $5.4 billion as AXS dropped to rank 35 in the crypto-list.
Axie Infinity Retreats
Play2earn is a popular narrative today. The concept is somewhat straightforward. The games allow you earn various rewards from free games, unlike spending money when interacting with centralized games.
Axie Infinity was among the first crypto projects to provide these services. That way, the platform has seen its users growing to millions within months. As that happened, the developers launched new products that linked online gaming with NFTs. That way, gamers utilizing the platform could use their AXS coins to purchase collectibles from other players.
The ecosystem saw its activity rising sharply over the last few months as market participants venture into the NFT marketplace and gaming. For now, Axie Infinity seems to focus on the metaverse. Developers are introducing new products to allow individuals to purchase and develop land plots. The services resemble that of Sandbox and Decentraland.
Experts trust that the transition to metaverse will translate to increase activity, triggering an uptrend in AXS prices.
Nevertheless, the last few months had Axie Infinity’s price under massive pressure. Other P2E tokens, including MANA, My Neighbor Alice, SAND, and GALA, saw similar trends. Analysts wonder whether these assets will present impressive performance in the interest rate hike period.
AXS Price Forecast
The daily price chart indicates AXS price has retained bearish moves. The token moved beneath the 25 and 50-day Moving Average. Also, the Relative Strength Index exhibited a bearish outlook.
That way, Axie Infinity might keep plunging as bears eye the support floor at $60. Nevertheless, a decisive move past the critical resistance of $90 will cancel the bearish viewpoint. AXS bulls need to take advantage of the ongoing bullishness in the broad market to overturn the current outlook.
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