Axie Infinity has become one of the biggest players in the crypto market in recent times. They have had a significant amount of success in the past few weeks. The prices of the company even saw a huge increase in its prices. The company, along with its investors were very much confident and excited about the new trend.
Unfortunately, the trend did not last long at all. According to recent news, the prices of AXS have come crashing down. One of the major reasons that have been cited for such a downward trend is the strong correlation of Axie with traditional markets and Bitcoin. The prices of AXS dropped beyond the estimates of the investors on the first day of June. This is very much contradictory to their gains in the past couple of days, which were supersonic in nature. This has been perceived as a rally of the bearish market.
Axie Infinity On The Verge Of Incurring More Loss
The previous few weeks saw the pair of AXS and USD gain 54% in the market. The price of each coin amounted to $28. Axie Infinity failed to capitalize on the gains and its prices dipped to $22. The worst part is that it is feared that the prices might come further down. Let us learn more about the story in detail below.
The market price of Axie Infinity has come crashing down in the last couple of days. Analysts and experts are suggesting a further decline in prices. The company might go down as low as $18.40, the lowest in its history.
Analysts of the market have stated that Axie Infinity must end well above $40 to instigate a rebound of a bullish trend in the long run.