Axie Infinity (AXS), one of the largest projects in the GameFi space, has been alarmed by the sharp decline in recent days.
AXS, one of the first cryptocurrencies that comes to mind when GameFi is mentioned, performed well during the rally. However, the ongoing news flow regarding industry fads, the bearish sentiment towards ETFs, and the sudden increase in BTC dominance have negatively impacted AXS. The popular coin, which lost nearly 40 percent of its value in just two weeks, became one of the projects that experienced the sharpest decline in the last 24 hours.
Sellers Have Captured Parity!
After a short period of decline, altcoins are slowly returning to support levels. Some altcoins were heavily affected by this decline and lost a lot of value. AXS is at the forefront of these altcoins. GameFi Coin, which traded at $11.14 two weeks ago, is currently trading just under $7.20. What levels should we pay attention to regarding AXS, which lost 38.71% in total value?
If GameFi regains its previous high and BTC dominance drops to 50% or BTC settles above $45,000, the selling pressure on the pair will ease significantly. In such a scenario, the target price increase could go up to $7.63 – $8.17, $8.60, $9.60 or $10.73. If the situation worsens, they may drop to $7.06 to $6.48 and $5.78 respectively.
