One of the most significant undertakings of 2021, Axie Infinity (AXS) Play-2-Earn project, later faced a substantial downturn, sparking numerous queries. Owing to the considerable uncertainties the market, there are speculations that AXS prices may undergo further declines. A larger question looms regarding the repercussions of potential panic sales by investors looking swiftly mitigate their losses.
Axie Infinity Comments
AXS made a swift foray the market previously and subsequently reached historic peaks, enriching thousands of investors. This progression led to thousands of investors incurring losses following the subsequent decline.
During this period, than 11% of AXS holders managed to sustain profitability. The primary reason attributed to this is current market conditions.
The bearish sentiment in the market is believed to instigate sales by investors seeking rapid loss mitigation, exerting pressure on prices.
A possible sell-off could trigger additional price drops for AXS. Furthermore, Chaikin Money Flow (CMF) has plummeted to its lowest levels this year. CMF serves as an indicator used for determining inflow and outflow of money in a specific cryptocurrency market.
A positive CMF value signifies increased buying and cash inflow into the market while a negative CMF indicates a bleak outlook The current CMF value at -0.15 indicates outflows in the AXS market which continue to apply pressure on AXS.
Future of AXS Price
Analyses projecting downward trends for AXS prices persistently indicate an impending decline as illustrated by below graph indicating a potential $0.22 price level while at present time writing; AXs was traded at $6.01 with further declines anticipated.
If materialized as seen in graph patterns such as head and shoulders pattern we can expect up-to 96% correction for ASX . If these patterns surface it could result in substantial investor losses due to falling ASX prices.
However it’s worth noting that first level forcoin downward trend is yet expectedly $4 where this level previously held up as strong support over extended period .
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Disclaimer: The information provided does not constitute investment advice; it’s crucial that investors recognize high volatility inherent within cryptocurrencies hence should conduct thorough research before investing .
