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- Axie Infinity price has strong Fibonacci retracement targets at $10 and $4.
- Volume indicates a re-entrance of bears in the market.
- Invalidation of the bearish downtrend is a breach at $44.
Axie Infinity price displays reasons to believe in further momentum to the downside. Traders should cautiously approach a short bias or avoid the digital asset until the invalidation target is breached.
Axie Infinity price due for more decline
Axie Infinity price appears to be unfolding a wave three down like many other cryptocurrencies to start this week’s trading session. The 2-day chart displays bearish evidence on multiple fronts. For one, the bearish downtrend is progressively getting steeper. Secondly, the bulls have yet to display a candlestick of significant value to compete with the bearish price action.
Axie Infinity price also provides further bearish confluence by using the Fibonacci retracement tool surrounding the all-time lows & all-time highs. A 38.2% Fibonacci retracement level is currently marked at $10. From a macro perspective, the AXS price could fall between 10 and $4 at the 50% FIb level before making a new all-time high. The volume profile indicator displays a subtle ramping pattern in favor of the bears on the 2-day chart. When combined, it appears the AXS price is due for more decline.
AXS/USDT 12-Hour Chart
Still, an invalidation is necessary for traders to maintain the right side of the trend. The bulls should not be able to breach $44 if these technicals are correct. If they breach $44, the AXS price could re-route to $80, resulting in a 200% increase from the current AXS price.