The Axie Infinity price unhinged meltdown accelerated this week as investors assess the ongoing risks for the market. The AXS token is trading at $65.45, which is the lowest it has been since September 28th. It has dropped by over 61% from the highest level last year. As a result, the coin’s market capitalization has crashed to over $4 billion.
Axie Infinity is a leading blockchain platform that is changing the world of gaming. The network has created a platform where people can join, play games, and even earn rewards. In the upcoming upgrade, Axie Infinity will allow people to buy virtual land and other products in a way that is similar to what Decentraland and The Sandbox does.
While the industry has a great promise, there are concerns about whether the industry will keep growing in an era of high-interest rates. Also, there are concerns about regulations in the industry after Russia announced that it could ban the coins. Most importantly, on-chain data shows that the overall growth of the Axie Infinity platform has started easing lately.
Axie Infinity price prediction
The daily chart shows that the AXS price has been in a strong bearish trend in the past few months. The coin is trading at $65.45, which is its lowest level since September last year. It has moved below the 25-day and 50-day moving average. It has also fallen to the 61.8% Fibonacci retracement level.
The Axie Infinity price has also dropped below the key support at $66, which was the previous lowest point this year.
Therefore, there is a likelihood that the coin’s price will likely keep falling as bears target the next key support at $50, which is about 50% below the current level. On the flip side, a move above the resistance at $75 will invalidate this view.