This coming week, Axie Infinity (AXS) price dipped below the critical $7 level of support. Although while current demand is weak, on-chain data shows numerous green indicates suggesting an imminent rebound. Can AXS reclaim the $7 milestone in the coming days?
After a price pump triggered by its Apple AppStore listing on May 17, Axie Infinity (AXS) bears now seem to have confiscated market control. AXS price is down 18 percent from the past few high of $7.7 recorded on May 17.
Regardless of the price fall, new users have continued to troop into the Axie Infinity GameFi ecological system. With losses now approaching alarming levels, will AXS holders trigger a price rebound if they stop selling?
Axie Infinity is Still Attracting New Users
Reports by the underlying on-chain data, the past few price decline has not caused a major deterioration in Axie Infinity network activity.
The Active Addresses (7d) chart below shows that AXS has continued to attract new users this week. Betwixt May 16 and May 23, it soared 73 percent from 823 to 1425 active addresses.
As seen over, the number of AXS active users has been on the boost since May 17, when Apple announced the listing of the “Axie Infinity: Origins” strategy game on its native Appstore.
Apparently, new users have continued to troop into the Axie Infinity metaverse network as they can now download the AXS game on their iPhones and other 1.5 Billion active Apple devices worldwide.
If this tendency continues, it’s only a matter of time before AXS makes a positive tendency price rebound.
Investors Could Soon Stop Selling
The Market Price to Realized Value (MVRV) data shows that most Cardano
(ADA) investors are now holding sizeable unrealized losses. The MVRV ratio evaluates the net financial position of investors by comparing their buy prices to the asset’s current market value.
Santiment chart below shows that, with prices at $6.53, investors that purchased AXS in the last 30 days are holding nearly 9 percent unrealized losses. Axie Infinity (AXS) Price Prediction, May 2023 – Network Growth. Source: Santiment
With a net-loss position of 9%, most of the present Axie Infinity investors could become unwilling to sell at the present prices.
If they indeed stop selling as they desperately seek to keep their losses below 10%, they could inadvertently trigger another AXS price rally.
AXS Price Prediction: $7 is Still Within Reach
If Axie Infinity builds up enough positive tendency momentum as expected, it will face minimal resistance until it reaches $7.10.
Nonetheless, to be confident of the positive tendency Axie Infinity price prediction, it must 1st break over the $6.90 zone. At that zone, sell pressure from 2,130 investors that purchased 1.77
Million AXS at the average price of $6.91 could trigger a pullback.
If AXS can manage to breach that resistance, it can potentially rally as high as $7.31.
Axie Infinity (AXS) Price Prediction, May 2023 – IOMAP. Source: IntoTheBlock
Conversely, the bears could invalidate the positive tendency AXS price forecast if its current downtrend reaches $6. On the other hand, the capacity buy-wall mounted by 347 investors that 19,700 AXS at an average price of $6.07 could prevent the drop.
Axie Infinity could slide toward $5.51 if that level of support does not hold as these areas feature smaller pockets of buyers left.
The post Axie Infinity (AXS) Price Dips Below $7: Can iPhone Gamers Save the Day? appeared 1st on BeInCrypto.
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