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Axie Infinity price awaits 26% crash as death cross looms

  • Axie Infinity price is awaiting further decline as a technical indicator suggests that buyers are nowhere to be found.
  • The impending death cross could drive prices lower toward the bearish target at $36.73.
  • Escaping above the consolidation pattern may be challenging for the bulls.

Axie Infinity price is expecting further losses as a death cross is approaching. The governing technical pattern projects a bearish target at $36.73, resulting in a 26% descent.

Axie Infinity bears target $36.73 next

Axie Infinity price has sliced below the lower boundary of the descending parallel channel on the daily chart on January 22. The prevailing chart pattern suggests a bearish forecast with a target of $36.73.

Axie Infinity price would struggle to lift prices higher as the 50-day Simple Moving Average (SMA) meets the 200-day SMA as the former dips lower. The Arms Index (TRIN) indicator also suggests a pessimistic narrative as it indicates an increase in sellers in the market.

The token may discover an immediate line of defense at the September 21 low at $48.10 before AXS drops lower toward the August 10 low at $43.29. An additional spike in sell orders may push Axie Infinity price toward the bearish target at $36.73.

However, if buying pressure increases, Axie Infinity price may face its first resistance at the lower boundary of the governing technical pattern at $56.17.

AXSUSDT

AXS/USDT daily chart

AXS may face additional hurdles at the 78.6% Fibonacci retracement level at $61.12, then at the middle boundary of the prevailing chart pattern at $71.77, coinciding with the 21-day SMA and the 61.8% Fibonacci retracement level.

Bigger aspirations may target the upper boundary of the descending parallel channel at $79.26, coinciding with the 50% retracement level. Escaping above the bearish chart pattern may be difficult, as the 50-day SMA and 200-day SMA, and 38.2% Fibonacci retracement level intersect at $86.74.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
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