GameFi tokens, once the hottest crypto trend in 2021, have failed to reclaim their former glory this cycle.
They briefly spiked in March and November 2024, but almost no tokens reached new all-time highs this cycle.
Axie Infinity, the crypto leader in GameFi tokens at its peak, recently announced a new version of its popular game.
With that in mind, let’s analyze three GameFi tokens with interesting setups that could see volatility in April.
Atia’s Legacy
Axie Infinity, once the most popular Web3 game, has fallen by the wayside. In 2025, it is not even the most popular game in the Ronin blockchain.
Axie Infinity has been surpassed by Pixels when comparing their Unique Active Wallet (UAW) interactions.
On March 6, Axie Infinity announced “Atia’s Legacy,” a Massive Multiplayer Online game to complement its ongoing Axie Origins, Classic, and Homeland.
The game has been developing since May 2024, and despite the trailer release, there is no official launch date yet.
Atia’s Legacy will integrate land even more, rewarding users who have purchased the Non-Fungible Token (NFT) plots of land.
The Axie Infinity team hopes that the update will bring a much-needed spark. The number of UAWs for Axie has fallen massively since its peak in 2021, and despite a brief spark in the past year, it is still well below its all-time high.
AXS Price Crashes
The AXS price movement is decisively bearish. In March, AXS broke down from a descending parallel channel and the $3.50 horizontal support area.
Then, AXS fell to a low of $2.57, the lowest price since 2021. More importantly, there is no horizontal support until at least $0.40.
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The long-term wave count is bearish. It shows that AXS has fallen inside an A-B-C structure (red) since the all-time high.
If so, it is currently in wave C. The sub-wave count is in black, suggesting AXS is in sub-wave three, which has the sharpest downward movement.
Giving waves A and C the same length leads to a low of $0.30.
Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
So, the AXS price prediction is bearish, implying that new lows are likely in April.
SAND Risks Breakdown
The SAND price analysis is also bearish, showing a loss of 97% since its all-time high.
Additionally, AXS risks breaking down from the $0.25 horizontal support area.
If so, it would reach the lowest price since 2021, when SAND traded at $0.15.
Similarly to AXS, technical indicators are bearish. The RSI and MACD are both falling and have crossed their bearish thresholds.
So, the most likely SAND outlook for the rest of the year is a breakdown below $0.25 and a drop to $0.04.
MANA Clings to Support
The final GameFi token analyzed is MANA, which also has a bearish outlook.
MANA is breaking down from a descending parallel channel that has contained the movement since 2023.
There is no clear horizontal support below it. So, a breakdown can accelerate the decline and take MANA to its all-time low.
The wave count is decisively bearish, suggesting that MANA has started wave C in an A-B-C structure that began in 2021.
If wave C has the same length as wave A, the price will fall to a new all-time low of $0.045.
Technical indicators support this bearish possibility since the RSI and MACD trend downward.
Before MANA reaches its all-time low, there is a temporary support level at $0.10.
More Downside for GameFi Tokens
Crypto gaming announced positive news last week after Axie Infinity posted a trailer for a new version of its game. However, the price action for most gaming tokens is decisively bearish.
AXS, MANA, and SAND will likely break down from their horizontal support levels and reach lows not seen since 2021.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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