• Axie Infinity price continues to display significant weakness.
  • Anemic participation at major lows shows a lack of interest.
  • A return to $20 is increasingly likely.

Axie Infinity price continues its deliberate and strong move further south. Sometimes it may be hard for traders to forget, but at one point not too long ago, AXS was trading over $166. Now down over 86%, there are few signs that a recovery is coming soon.

Axie Infinity price likely to extend lower to new 2022 lows

Axie Infinity price action is some of the most bearish in the gaming token space. A trifecta of issues have weighed on any further appreciation of AXS price:

  1. Player numbers were decreasing before the end of 2021.
  2. The Ronin Network Breach in March 2022 scared off current and potential customers/users.
  3. The cost of entry for AXS remains prohibitively high for many.

Axie Infinity price was the last major gaming token cryptocurrency to complete a 50% logarithmic Fibonacci retracement for a long time. That retracement was only just completed on April 30, 2022. However, despite the move, buyers are still vacant.

AXS/USDT Daily Ichimoku Kinko Hyo Chart

It is likely that Axie Infinity price will move even lower, breaking the current 2022 lows to test the psychological $20 value area. $20 also contains the 61.8% Fibonacci retracement and a prior high volume node in the 2021 Volume Profile. Below $20, though, things get dicey.

There is almost no traded Axie Infinity price volume history in the Volume Profile between $20 and the next high volume node at $8. With all of the bearish fundamentals, worldwide risk-off sentiment, and an increasingly competitive space, AXS has an almost impossible road to recovery.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin. 

More Bitcoin News

AI tokens could really ahead of Nvidia earnings

AI tokens could really ahead of Nvidia earnings

Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 

More Cryptocurrencies News

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko. 

More Solana News

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP