• Axie Infinity price action whipsaws bulls and bears alike.
  • Short-term bullish structure at odds with long-term bearish structure.
  • AXS has a mixed bias but is weighted slightly more to the downside.

Axie Infinity price has been an exercise in frustration for bulls and bears. Multiple bearish continuation setup and bullish reversal opportunities have developed, with neither side willing or able to capitalize on any move. That activity is expected to continue. However, there is a slight weight given to the bearish side of the market, given where AXS is in the Ichimoku Kinko Hyo system.

Axie Infinity price short-term bias contingent on position within Ichimoku system

Axie Infinity price is at an inflection point. While it remains below the Ichimoku Cloud, it has a naturally bearish bias. Therefore, the difficulty in speculating the next trend direction is based on the current daily close in relation to the Tenkan-Sen and Kijun-Sen.

On the weekly Ichimoku chart (not shown), Axie Infinity price is in the worst place possible: inside the Ichimoku Cloud. The Cloud represents volatility, indecision, congestion, whipsaws, and false moves – it’s the place where trading accounts go to die. The daily chart gives a little more context (barely).

AXS/USD Daily Ichimoku Kinko Hyo Chart

From a bullish outlook, Axie Infinity price needs to close above the Tenkan-Sen – at or above $64. AXS would still be below the Cloud, but a daily close above the Tenkan-Sen and Kijun-Sen would provide the weight and positioning needed to move above the Ichimoku Cloud. Upside potential is likely limited to the 2022 Volume Point Of Control at $73.

From a bearish perspective, Axie Infinity price needs to close below the Kijun-Sen and the prior swing low near $56. From there, the move would likely confirm a bear flag. AXS would likely retest the 2022 lows near the 38.2% Fibonacci retracement at $46.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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