• 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 appears to explain the token’s underperformance, with AXS now having fallen back to the south of its 200-Day Moving Average at $11.15.
• If this week’s macro events go badly for crypto, risks could even be tilted towards a possible break to the south of this month-long uptrend, targeting support in the $8 area.
Overview: Axie Infinity Shards Price Prediction
Axie Infinity Shards (AXS), which lives as an ERC-20 smart contract on the Ethereum blockchain, has been falling in tandem with a broader pullback in cryptocurrency prices over the last 24 hours at the start of the week. The crypto token is currently changing hands around 12% lower over this time period in the mid-$10s, according to CoinMarketCap.
Technical Selling Weighs on AXS
Technical selling appears to explain AXS’s underperformance, with it now having fallen back to below its 200-Day Moving Average at $11.15. A short-term uptrend that had been supporting price action going back to 25th January has also broken and bearish speculators are targeting a test of support between $10.40 and $10.20 – just above AXS’s 21DMA at $10.08 – which coincides roughly with January’s upwards trend line.
Potential Impact Of Macro Events
A flurry of key macro events this week such as policy announcements from central banks and earnings from tech giants may have a significant impact on crypto markets – particularly if these events cause traditional risk assets like stocks to fall further or if there’s a hawkish surprise from central banks – which could see AXS/USD breaking through its month-long uptrend and testing support at around $8; marking a 25% drop from current levels.
AXS Alternatives
Investors looking for exposure to potential growth within Axie Infinity’s gaming ecosystem might consider alternatives such as staking or buying staked tokens instead of directly buying AXS tokens themselves – especially if they believe that prices will continue falling over coming days/weeks due to macro uncertainty or other factors impacting cryptocurrency markets generally.
Conclusion:
Axie Infinity Shards (AXS) has not been immune from recent losses across cryptocurrency markets and technical indicators suggest that further downside is likely if macro events this week push traditional risk assets lower or cause unexpected volatility within markets generally; potentially seeing AXS/USD breaking through its month-long uptrend and testing support at around $8 – marking a 25% drop from current levels
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