In the metaverse sector, the largest cryptocurrency at the moment with a market valuation worth over $5.81 billion is Axie Infinity (AXS). Despite many analysts and market observers calling the metaverse to be the next big thing, it also seems to be taking damage from the recent crypto-plunge.
Unfortunately, for Axie Infinity, there is too much attention that it has attracted due to its presence in the market as the top metaverse token. As the metaverse constantly grows in size, more and more investors are paying a closer look at the top cryptocurrencies offered by the sector.
This is the reason why Axie Infinity’s price has been taking the most amount of damage due to the rise and fall of the overall crypto-verse.
This time, the problem is coming in for Axie Infinity from a global scale, where the Chinese government has caused a lot of uncertainty throughout the crypto-verse. After the swift action from the Chinese regulators, the entire cryptocurrency sector seems to be in a state of shock.
Despite all the efforts, the bulls don’t seem to be able to turn the market sentiments into positive. They have been trying hard to make as many purchases as possible in order to push the prices of cryptocurrencies higher. So far, all efforts seem to be going in vain and even the most prominent cryptocurrencies are unable to perform well.
This is exactly what Axie Infinity is facing at the moment as its price doesn’t seem to be making any recovery. The data from CoinMarketCap shows that in the past 7-days, Axie Infinity’s price has plunged by 4.21%. Even the past 24-hours have been a disaster with a 3.76% plunge for Axie Infinity.
As a result of the constant pressure and dragging, Axie Infinity’s price has plunged down to $95.85. Surprisingly, Axie Infinity had entered the month of December at a price of $136.95 per AXS. However, as the Chinese regulators came into action on December 3, 2021, the price of Axie Infinity start feeling the pressure.
Since then, the price of Axie Infinity has been affected badly, having hit an all-time low of $91.09 back on December 13, 2021.
At present, the trading volume for Axie Infinity is at $266,639,791 after an 8.03% surge. This represents the currently selling power for Axie Infinity. From the looks of it, the bears are currently in control and they are aiming to bring its price below the $90 mark. If they manage to do it, then the next strong support point for Axie Infinity would be $85.68.
At the strong support point, the bulls may try to give bears a tough time, but if they fail, Axie Infinity’s price will plunge further and it may fall below the $79.68 price.
On the other hand, the bulls may try to bring Axie Infinity back to life by increasing their buying power. They may try to bring Axie Infinity’s price up to the past 20-day SMA, which is $113.61. However, they may only succeed if the bears let them through the $100 strong resistance point.