Investors are on edge as AXIE Infinity price may have gone too far
- AXS price is declining in free-fall fashion.
- Axie infinity price shows a subtle bearish re-entrance on the volume indicator.
- Invalidation of the bearish outlook is a break above $28.
AXS price hints the overall downtrend may not be over. If the technicals are correct, a target of $15 could occur.
AXS preps for another sell-off
Axie Infinity price is showing early bearish signals to start this week’s trading session. AXS price, like several cryptocurrencies, saw a 50% rally since the weekend. A high was reached into the $27 price zone before profit-taking began. Now it appears the profit taking consolidation is turning into a scavengers' frenzy as the bears are jumping in with full confidence and pushing the play-to-earn token lower in free-fall fashion.
Axie Infinity price currently trades at $21.50 after seeing a steep 25% decline since the short-lived high at $28.11. The intensity displayed by the bears merits investors to consider sustained downside in the near future. The volume profile indicator further confounds this idea as the bears are accumulating large sell orders on the 4-hour chart.
AXS/USDT 4-Hour Chart
Invalidation of the bearish outlook is a breach above $28. If the bulls can establish price action in this zone, the next target could be $45, resulting in a 130% increase from the current AXS price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
