|

Axie Infinity slides towards $65 as AXS weakness expected to continue

  • Axie Infinity price remains extremely overbought relative to its peers and the broader market.
  • Downside risks, however, are limited compared to upside potential.
  • AXS now positioned for strong trades on both sides of the market.

Axie Infinity price has been one of the best performers of 2021. Despite the selling pressure and the broader cryptocurrency market has experienced, AXS has maintained nearly all of its impressive gains. But a deeper pullback may yet occur.

Axie Infinity price may find sellers as capital rotates into undervalued assets

Axie Infinity price has two powerful trading opportunities on its Point and Figure chart that represent the long and short sides of the market. The first trade idea is a theoretical long entry with a buy stop order at $130, a stop loss of $115, and a profit target at $180. This trade idea represents a 3.33:1 reward for the risk.

Because the overall trend is bullish, the long entry for the Axie Infinity price idea is the most likely to play out. Also, the long entry has several bullish events if triggered. First, the entry confirms the breakout above a triple-top. Second, the entry confirms a breakout above a bull flag. And third, the entry is a breakout above the prior dominant bearish trendline and converts the Point and Figure chart into a bull market.

AXS/USDT $5.00/3-box Reversal Point and Figure Chart

The long entry idea is invalid if Axie Infinity price drops below $90.

The hypothetical short trade setup for Axie Infinity price is a sell stop order at $95, a stop loss at $110, and a profit target at $65. The short idea represents a 2:1 reward for the risk. The entry confirms a break below a triple bottom and the creation of new monthly lows.

AXS/USDT $5.00/3-box Reversal Point and Figure Chart

The short trade idea is invalidated if the long entry triggers.

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Editor's Picks

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43. 

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest 

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: BTC bears aren’t done yet

Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.