Axie Infinity Price (AXS) is now at $69.96.
Before 2021 ended, on December 28, AXS reached an all-time high price of $110, however, it quickly dipped a little at $91.48 on the first day of 2022, according to CoinMarketCap.
Cryptocurrency Crash
Cryptocurrencies are collectively having a major dip-all from established cryptos and to smaller altcoins; all are experiencing a price drop.
As reported by Cointelegraph, over the last 7 days, the price of purchasing Bitcoin has declined by about 10%.
Unfortunately, it is predicted to fall under its psychological support level of $40,000, which it did as the BTC price is now at $41,842.89.
In addition, the seventh-largest cryptocurrency by market capitalization, Cardano (ADA), has declined about 11% in the last seven days which resulted in its latest price now at $1.15.
A similar dip is also experienced by XRP's Ripple, which has dropped by around 10% and is now priced at $0.75.
Ripple ranks as the 8th largest crypto by market capitalization, next to Cardano.
Furthermore, Terra (LUNA) has dropped over 20.50% and is now priced at $71.33.
The crash also did not exclude Ethereum's native token, Ether (ETH), which has dropped more than 16%.
Nevertheless, certain cryptocurrencies listed among the top 50 digital assets have lost 15% to 30% of their value in the recent week.
Axie Infinity Price Prediction
According to FXStreet, with all the cryptocurrency dips experienced, as part of the Axie Infinity price prediction, it stated that the price of AXS is expected to hit $46, but even lower and more severe price drops are possible.
The price of Axie Infinity is continuing to fall as profit-taking in the metaverse and gaming token area continues.
There are also numerous factors that affect Axie Infinity's price, this includes matters of worries, uncertainties, and doubts in the broader cryptocurrency market influence, which in turn is reflected in the near-term price behavior.
The market behavior that AXS is showing proves it is on the brink of having a massive collapse.
Understanding it from the Ichimoku Kinko Hyo system, AXS will not find support on the weekly chart until the Lagging Span declines to test the candlestick bodies, with the nearest support now around $43.
As a result, the 38.2% Fibonacci retracement is likewise found at $43.
Will Axie Infinity Price Continue To Dip or Bounce Back?
When the broader market recovers, it's likely that Axie Infinity may struggle to regain its previous velocity as traders seek cryptocurrencies with higher upside potential.
This is especially noteworthy considering how few major cryptocurrencies saw large gains in 2021.
Seeing the previous exponential growth of Axie Infinity over the past year, part of Axie Infinity price prediction via FXStreet also indicates that Axie Infinity price will almost certainly see a big bounce soon.
It is anticipated that the current state of its hook and at a steep angle indicates a bounce back after a price crash.
In a bear market, the Relative Strength Index has moved from below the first oversold level (30) to slightly over the last oversold level (20).
For both sides of the market, the Axie Infinity price has two very potent trading settings.
Between the two conceivable trade ideas, the long trade concept is arguably the more likely to play out in the long run. With that, it is predicted that the price of Axie Infinity could rise by more than 40% to $170.
