Axie Infinity price prediction: AXS could fall back to $20

Axie Infinity price made a strong comeback as investors cheered the latest initiatives by the developers. The AXS token rose to a high of $28.26, which was the highest level since May 9th this year. It has risen by more than 44% from the lowest level in May, bringing its total market cap to over $1.9 billion.

Axie Infinity builders program

Axie Infinity is one of the most popular play-to-earn platforms in the blockchain industry. It is a gaming platform that enables gamers to play among one another. Axis can be battled, collected, and used to earn cryptocurrencies with real value. 

Players need to first create a Ronin Wallet, get Axies, and then play among one another. Winners of the game are paid using a cryptocurrency known as Smooth Love Potion, which is a coin valued at over $229 million.

The Axie Infinity and Smooth Love Potion prices have declined sharply in the past few months. This decline has been more cyclical considering that other tokens have been declining as well.

At the same time, the price has dropped as demand for play-to-earn games has declined. Indeed, most platforms have seen the number of gamers decline by more than 50%. Axie has been hit particularly hard considering that the platform was hacked a few months ago.

Now, Sky Mavis is working to boost its ecosystem. The developers unveiled the first projects in its builders program, which introduces user-generated content in the Axie Infinity ecosystem. They selected 12 developers who will be the first ones to build. 

The new program will act as a lab for community-generated games and experiences. This means that it is aiming to become similar to Gala Games, a platform that lets people build and play virtual games. 

Axie Infinity price prediction

The four-hour chart shows that the AXS token price moved up sharply as demand for the coin rose. The coin rose to a high of $28, which was higher than this month’s low of $16.63. It managed to cross the important support level at $23.51, which was the highest level on 23rd May. 

Axie Infinity has retested this support and is slightly above the 25-day moving average. Therefore, there is a likelihood that the coin will continue falling and retest the support at $20. A move above the resistance level at $25.87 will invalidate the bearish view.

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