On June 1, the trading price of Axie Infinity (AXS) ended up experiencing a sharp downward trend. The report shows that the price of Axie Infinity has started moving in the lower direction.
It is a sudden drop that has been recorded in the trading price of Axie Infinity and the entire investment community has been taken by surprise.
However, the analysts are claiming that with the hype created in favor of Axie Infinity in the past 48-hours is now dying down. Therefore, a plunge in the trading price of Axie Infinity was expected given the surge it experienced in the past 48-hours.
The graph shows that in the past 48-hours, the trading price of Axie Infinity experienced a significant jump. The analysts are claiming that the supersonic movement of Axie Infinity was the doing of the bears.
They were getting ready to pull the trading price of Axie Infinity lower with strong selling sentiments. This is the reason why they created hype in Axie Infinity’s price for two consecutive days before they pulled the plug on the rally.
Axie Infinity’s Performance on May 31
On May 31, the trading price of Axie Infinity experienced a substantial elevation in its price. The graph shows that the recorded surge was 54%. The surge recorded was a week-to-date performance of Axie Infinity. Compared to the rest of the days in the week, the last days were filled with strong rallies.
Due to the strong rally, Axie Infinity’s price reached up to $28. Once the bears were done fueling the trend and had reached their desired benchmark, they started selling Axie Infinity on the strong mark.
Price Correction of Axie Infinity
Although the usual investors did try to hold the bears back all went in vain. The selling power of the sellers was much stronger than the buying power of the bulls.
Right after the rally, the sellers began selling Axie Infinity on a larger scale. This caused a huge dip, which is technically considered a price correction. From that point until now, the price of Axie Infinity has corrected itself by 21%.
At the time of writing, the trading price of Axie Infinity is worth around $22. However, given the strong sentiments of the sellers, there is a strong possibility that the trading price of Axie Infinity may plummet even more.
V-Shape Recovery of Axie Infinity
If the predictions are correct, then the price of Axie Infinity may move lower. It is being suggested that another 20% downtrend may be recorded in the trading price of Axie Infinity. This may end up bringing Axie Infinity’s own to $18.40.