Axie Infinity Shards Price Prediction: Bears Growl, 25% Drop Ahead?

• Axie Infinity Shards (AXS) is one of the worst-performing cryptocurrencies in the top 100 by market capitalization over the last 24 hours.
• Technical selling appears to explain AXS’s underperformance, with the token breaking below its 200-Day Moving Average.
• If macro events go poorly for crypto this week, risks could be tilted towards a possible 25% drop from current levels.

Axie Infinity Shards Price Drop

Axie Infinity Shards (AXS), the cryptocurrency that powers Axie Infinity’s web3, non-fungible token-based gaming ecosystem, has been one of the worst-performing cryptocurrencies in the top 100 by market capitalization over the last 24 hours at the start of this week. The crypto token was last changing hands around 12% lower over this time period in the mid-$10s, according to CoinMarketCap.

Technical Selling Weighs on AXS

Technical selling appears to explain AXS’s underperformance, with AXS now having fallen back to south of its 200-Day Moving Average at $11.15 and breaking below a short-term uptrend that had been supporting its price action since 25th January. This could see short term bearish speculators targetting support from 5th December and 15th January highs in the $10.40 and $10.20 areas respectively, which lie just above its 21DMA at $10.08.

Macro Events Could Push Prices Lower

This week will be key for crypto markets as a number of macro events will take place that have potential to move prices either way – including policy announcements from central banks plus US jobs and ISM PMI data along with earnings from big tech giants such as Apple, Microsoft & Tesla etc.. A hawkish surprise from any central bank or bad earnings reports could further weaken AXS prices and put pressure on them to break below their month long upwards trend line , potentially pushing them down another 25%.

Investment Alternatives

Investors looking to benefit from potential growth in Axie Infinity Shard can explore other kinds of investments too such as buying into other tokens related to this gaming ecosystem or investing directly into companies involved in it or even exploring NFTs related investments too if they are available on their local exchanges/markets etc..

Conclusion

All eyes will now be on how macro events unfold this week which could significantly affect Axie Infinity Shard price movement either positively or negatively depending upon what happens during these events . It thus remains important for investors interested in AXS prices and performance of this crypto asset to keep track of all relevant news stories related these macro events closely .