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One of the most notable projects of 2021, the Play-2-Earn project Axie Infinity (AXS), later experienced a significant decline, raising many questions. Due to the significant uncertainties in the market, there are opinions that AXS prices could experience further declines. A bigger question mark arises regarding the consequences of potential panic sales by investors to quickly reduce their losses.
Axie Infinity Comments
AXS made a rapid entry into the market in the past and then created historical peaks, making thousands of investors rich. This process also led to thousands of investors incurring losses following the subsequent decline.
During this period, less than 11% of AXS holders managed to stay in profit. The main reason for this is attributed to the current market conditions.
The negative outlook in the market is thought to trigger sales by investors aiming to quickly reduce their losses, creating pressure on the price.
A potential sale could trigger further price declines for AXS. Additionally, the Chaikin Money Flow (CMF) has reached its lowest levels of the year. CMF is known as an indicator used to calculate the money entering and exiting the market for a specific cryptocurrency.
A positive CMF value indicates increased buying and cash inflow into the market, while a negative CMF indicates a negative outlook. The current CMF value of -0.15 indicates outflows in the AXS market, continuing to create pressure on AXS.
Future of AXS Price
Analyses of AXS prices continue to show a potential downward trend. The graph below confirms this decline, indicating a possibility of $0.22, while at the time of writing, AXS was trading at $6.01, and further declines were anticipated.
If the head and shoulders pattern seen in the graph materializes, a potential 96% correction for AXS is expected. If this pattern occurs, AXS prices could fall, causing significant losses for investors.
However, it is important to note that the first expected level for a downward trend for the Altcoin is $4.0. This price level was previously accepted as a support level for a long time.
