The Axie Infinity (AXS) drops below $7 in price: Can iPhone gamers triumph?

In a nutshell

• the price of AXS has dropped 18% since the price surge on May 17.
• As awareness of the Apple Appstore listing grows, new users are still flooding into the Axie Infinity ecosystem.
• Investor losses are approaching critical levels, according to the MVRV ratio.

The price of Axie Infinity (AXS) fell below the crucial $7 support level this week. Multiple green signals from on-chain data point to an imminent rebound despite the weak current demand. In the coming days, can AXS reclaim the $7 milestone?

Axie Infinity (AXS) bears now appear to have taken control of the market following a price pump that was sparked by its listing on the Apple AppStore on May 17. Since its May 17 high of $7.7, the AXS price has fallen 18%.

Regardless of the cost drop, new clients have kept on marching into the Axie Limitlessness GameFi environment. Will holders of AXS trigger a price rebound if they cease selling, as losses are approaching alarming levels?

Axie Infinity is Still Attracting New Users

The underlying on-chain data indicates that Axie Infinity network activity has not been significantly affected by the recent price decline.

As can be seen in the Active Addresses (7d) chart below, AXS has continued to attract new users throughout the week. It increased by 73% from 823 to 1425 active addresses between May 16 and May 23.

Since May 17, when Apple announced the listing of the “Axie Infinity:,” as can be seen above, the number of AXS active users has increased. Beginnings” technique game on its local Appstore.

Since the AXS game can now be downloaded to iPhones and the other 1.5 billion active Apple devices worldwide, it is evident that new users have continued to flood the Axie Infinity metaverse.

If this trend continues, it’s only a matter of time before AXS makes a bullish price rebound.

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Investors Could Soon Stop Selling

The majority of Cardano investors are currently holding substantial unrealized losses, as shown by the Market Value to Realized Value (MVRV) data. The MVRV proportion assesses the net monetary place of financial backers by contrasting their buy costs with the resource’s ongoing business sector esteem.

According to the Santiment chart that can be found below, investors who purchased AXS within the previous thirty days are currently holding nearly 9% of their unrealized losses at prices of $6.53.

With an overal deficit position of 9%, the vast majority of the ongoing Axie Limitlessness financial backers could become reluctant to sell at the ongoing costs.

On the off chance that they to be sure quit selling as they frantically try to keep their misfortunes underneath 10%, they could unintentionally set off another AXS cost rally.

AXS Price Prediction: $7 is Still Within Reach

If Axie Infinity achieves the anticipated bullish momentum, it will encounter little resistance until it reaches $7.10.

However, for the bullish Axie Infinity price prediction to be accurate, it must first break above $6.90. A pullback could occur at that level due to sell pressure from 2,130 investors who purchased 1.77 million AXS at an average price of $6.91.

If AXS can manage to breach that resistance, it could rally as high as $7.31.

Conversely, if the current downtrend for AXS reaches $6, the bears may invalidate the bullish price prediction. However, the potential purchase wall mounted by 347 financial backers that 19,700 AXS at a typical cost of $6.07 could forestall the drop.

Axie Limitlessness could slide toward $5.51 on the off chance that that help level doesn’t hold as these areas include more modest pockets of purchasers left.