AXS Price Prediction: Potential Downside Ahead Despite Strong Fundamentals
Axie Infinity Coin (AXS) has been going down in value since late December. Despite having good fundamentals and a high rank in the NFT and Play-to-Earn sectors, the AXS coin is heading south. The technical analysis of Axie Infinity Coin is also showing signals that suggest the price might continue to go down. The prices have fallen below moving averages and trendline. Will AXS be able to find support and start going up again? Let’s find out in this AXS price prediction!
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SEE RELATED CRYPTO FORECASTS: $ICP | $LTC
Axie Infinity Ranks 4th in Play2Earn Projects
Today, Axie Infinity has accomplished something remarkable. AXS has secured the 4th position among the Top 10 Play2Earn Projects.
This achievement is attributed to its noteworthy daily trading volume, which amounts to an impressive $53.4 million. This positions Axie Infinity among the leading projects.
It closely trails behind Gala and Decentraland, which boast trading volumes of $65.0 million and $79.1 million, respectively. Notably, the top spot is currently held by SandBox, with a substantial trading volume of $109 million.
Axie Infinity’s remarkable performance in this ranking underscores its growing prominence. Additionally, it highlights the positive impact the platform is making in the Play2Earn ecosystem.
AXS Axie Infinity: 2nd in NFT Social Activity, Primed for Growth
According to data from Lunarcrush, Axie Infinity has achieved the 2nd rank among Top NFT projects in terms of Social Activity.
With 2.39K posts across all social channels, AXS has demonstrated a substantial online presence. The platform has garnered 253K interactions, encompassing retweets, likes, comments, and upvotes. Additionally, AXS boasts a noteworthy 0.60% social dominance.
In comparison, AXS is closely following behind SAND, which currently holds the top position with a 0.69% social dominance.
This data underscores the strong social presence and engagement surrounding Axie Infinity in the NFT space. With a strong social standing, AXS can leverage popularity to build trust and a positive NFT community reputation.
Ultimately, this increased visibility and positive perception can drive a broader user base, heightened interest, and sustained growth for AXS.
AXS Price Prediction: A potential 18% decline ahead
The analysis of the AXS/USDT Daily chart suggests potential downside movement in the short term. Presently, prices have descended below the ascending trendline (yellow) and the Exponential Moving Averages (EMAs).
Additionally, the EMA crossover, with the 26EMA (green line) positioned above the 9EMA (orange line), reinforces the bearish signals. Concurrently, other technical indicators indicate a bearish trend.
MACD histograms are already situated below the zero line, and the Relative Strength Index (RSI) is heading south. Collectively, these technical indicators support a pessimistic AXS price prediction.
Summary
In the event of continued decline, initial support is anticipated at 6.64047. A breach and close below this level would likely lead to further downside, targeting the second support at 5.71261. This level represents an approximately 18% decline from the current price.
Conversely, if selling pressure diminishes, the initial resistance is identified at 7.89575. This level holds significance as it aligns with the trendline and EMAs.
To reverse the ascending trend, AXS must surpass and close above this level. Achieving a candle close beyond this point would propel prices towards the subsequent resistance at 9.00502. It is approximately 28% higher than the current price.
In the above technical analysis, AXS could have another buying opportunity when crossing around the the 12.00 range, when another slight pullback could occur.
Regardless of technicals, AXS is well positioned in the world of Web 3 gaming, and should be on most watchlists by now.
As always, do your own research and consult a licensed professional prior to making any trades.
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