• 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.

 

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