• Axie Infinity price is exposed to a 31% downside risk following the formation of a bearish chart pattern.
  • The drop toward $65.96 could be in the offing if AXS slides below $95.41.
  • To invalidate the pessimistic outlook, the bulls must aim to reclaim $105.39.

Axie Infinity price is at risk of a sharp decline as AXS is forming a bearish chart pattern, projecting a 31% drop. The key support at $95.24 is a critical point to watch as slicing below this level could spell trouble for the bulls. 

Axie Infinity price eyes 31% descent

Axie Infinity price has formed a descending triangle pattern on the 4-hour chart, indicating a bearish forecast. AXS could be headed for a 31% plunge if it fails to hold above a crucial foothold.

The first line of defense for Axie Infinity price is at the December 4 low at $98.30. Losing this area of support may see AXS drop further to tag the lower boundary of the prevailing chart pattern at $95.41, which connects the December 6 and December 11 lows. 

However, dropping below the aforementioned foothold would put the 31% nosedive on the radar, as the bears aim for $65.96 next, the target given by the descending triangle pattern. 

Axie Infinity price may retest key lines of defense before dropping toward the pessimistic target. AXS may discover reliable support at the September 6 high at $85.24, then at the 127.2% Fibonacci extension level at $79.58. 

Additional foothold may emerge at the September 9 high at $72.28 before Axie Infinity bears attempt to drive prices down toward the pessimistic target at $65.96. 


AXS/USDT 4-hour chart

However, if a spike in buy orders occurs, AXS bulls may aim to challenge the nearest resistance at the 78.6% Fibonacci retracement level at $102.33. Axie Infinity price would meet an additional obstacle at the upper boundary of the descending triangle at $105.39, coinciding with the 50 four-hour Simple Moving Average (SMA).

Slicing above the aforementioned headwind may be tough, but if buying pressure continues to increase, Axie Infinity price may tag the 61.8% Fibonacci retracement level at $110.19 next. Bigger aspirations may see AXS target the 50% retracement level at $115.71 before the token aims toward the 100 four-hour SMA at $118.87.


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis