For almost a week now, the prices of the Axie Infinity Shards token have not been showing any upside trend, instead, they appear to be bearish than ever. As we witnessed, the coin was not able to break the long-term support level around $48, even after trying several times since the beginning of the month of January.
On January 27, the impulsive bearish move was noted that pushed the price even further deep marking a loss of around 40% of its value. Even though the market condition and sentiments are not in favor of any coin surging notably, there are chances for the Axie Infinity token to show some upward momentum.
As per the latest announcements, Axie Infinity developers will be releasing another governance token that will be utilized on their Ronin Blockchain. In accordance with the revelations made by the developers, the Ronin governance token will be operating on the same platform as AXS.
Where is the Price of Axie Infinity Headed?
Additionally, the Ronin governance token will be used for staking purposes and also to participate in community proposals. Market analysts and believers of Axie Infinity have expectations of significant growth in the price of Axie Infinity as the introduction of the Ronin governance token will lay a positive impact.
Awaiting the bull market, the analysts are predicting the upward momentum to cross the resistance levels of $75 and $81. Though the prices of AXS might have surged a bit, $47 is the most crucial support level now, beyond which, the price may fall significantly.
In addition to this, the overall condition of the market is dependent on Bitcoin, which is facing quite a hard time these days. There are a lot of negative factors that contributed to the fall in its prices along with the overall crypto market.