• Axie Infinity Shards (AXS) is one of the worst performing cryptocurrencies in the top 100 by market capitalization over the last 24 hours.
• Technical selling seems to be driving the token’s underperformance, with AXS now having fallen back to below its 200-Day Moving Average.
• If macro events go badly for crypto this week, risks could tilt towards a possible break to the south of January’s upward trend line, potentially leading to a 25% drop from current levels.
Axie Infinity Shards Price Prediction
Axie Infinity Shards (AXS), the cryptocurrency that powers Axie Infinity’s web3, non-fungible token-based gaming ecosystem, is one of the worst-performing cryptocurrencies in the top 100 by market capitalization over the last 24 hours.
Technical Selling Weighs on AXS
AXS/USD was last changing hands around 12% lower over this time period in the mid-$10s, according to CoinMarketCap. The crypto token has been falling in tandem with a broader pullback in cryptocurrency prices which fell on Monday alongside traditional risk assets like stocks.
Technical selling appears to explain the token’s underperformance, with AXS now having fallen back to below its 200-Day Moving Average at $11.15. AXS/USD broke through a short-term uptrend that had been supporting price action since 25th January.
Price Target: $10 – $8 Area
Short-term bearish speculators are targeting a test of support at $10.40 and $10.20 areas, which lie just above AXS’s 21DMA at $10.08 and coincides roughly with January’s upwards trend line.
If this week’s macro events go badly for crypto (i.e., hawkish surprise from central banks plus bad big tech earnings), then risks could even be tilted towards a possible break through January’s upwards trend line which would lead to a 25% drop from current levels down into the $8 area.
Alternative Strategies
Investors looking to benefit from potential growth of Axie Infinity’s promising ecosystem can consider alternative strategies such as staking or buying tokens related to their platform.
Conclusion
Whether or not technical selling will prevail remains uncertain but investors should monitor any changes closely given that it could result in either further upside or downside for Axie Infinity Shards.