• Axie Infinity price has strong Fibonacci retracement targets at $10 and $4.
  • Volume indicates a re-entrance of bears in the market.
  • Invalidation of the bearish downtrend is a breach at $44.

Axie Infinity price displays reasons to believe in further momentum to the downside. Traders should cautiously approach a short bias or avoid the digital asset until the invalidation target is breached.

Axie Infinity price due for more decline

Axie Infinity price appears to be unfolding a wave three down like many other cryptocurrencies to start this week’s trading session. The 2-day chart displays bearish evidence on multiple fronts. For one, the bearish downtrend is progressively getting steeper. Secondly, the bulls have yet to display a candlestick of significant value to compete with the bearish price action. 

Axie Infinity price also provides further bearish confluence by using the Fibonacci retracement tool surrounding the all-time lows & all-time highs. A 38.2% Fibonacci retracement level is currently marked at $10. From a macro perspective, the AXS price could fall between 10 and $4 at the 50% FIb level before making a new all-time high. The volume profile indicator displays a subtle ramping pattern in favor of the bears on the 2-day chart. When combined, it appears the AXS price is due for more decline.


AXS/USDT 12-Hour Chart

Still, an invalidation is necessary for traders to maintain the right side of the trend. The bulls should not be able to breach $44 if these technicals are correct. If they breach $44, the AXS price could re-route to $80, resulting in a 200% increase from the current AXS price. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Why is Pepe meme coin rallying? What’s next after PEPE’s ATH? Premium

Why is Pepe meme coin rallying? What’s next after PEPE’s ATH?

Pepe (PEPE) price shows signs of continuing its uptrend, but it might come after a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.

More Pepe News

Grayscale launches new investment vehicles for NEAR and STX

Grayscale launches new investment vehicles for NEAR and STX

Grayscale announced the creation and launch of Near Protocol (NEAR) and Bitcoin Layer 2 Stacks (STX) single asset trusts. The company stated that the launch is an attempt to satisfy increased investors' demands for diversified crypto-asset exposure.

More Cryptocurrencies News

Ethereum on the brink of 75% rally as SEC approves ETH ETFs

Ethereum on the brink of 75% rally as SEC approves ETH ETFs

Ethereum (ETH) bounced back after a brief dip on Thursday as the Securities & Exchange Commission (SEC) approved spot ETH ETFs in a shocking U-turn. US lawmakers had earlier penned a letter to Chair Gary Gensler, urging him to approve the ETFs.

More Ethereum News

XRP set for rally after Coinbase listing in New York

XRP set for rally after Coinbase listing in New York

Coinbase's Chief Legal Officer announced the listing of XRP for its New York clients. XRP was initially removed from the exchange in January 2021 due to an SEC lawsuit on claims of the asset breaking securities regulation.

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis