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Axie Infinity (AXS) Price Is Staring into the Abyss, Facing 50% Drop

2 mins
Updated by Geraint Price
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In Brief

  • AXS has broken down below the $6.50 support area.
  • There is long-term support at $3.40.
  • AXS is following a short-term descending resistance line
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The Axie Infinity (AXS) price has broken down from the long-term $9.50 support area. This could be the catalyst for a decrease towards $3.40.

AXS is the native token of the blockchain-based play-to-earn game Axie Infinity, made by Sky Mavis. The price of AXS has decreased since reaching an all-time high of $166.09 in Nov. 2021. The decrease led to a low of $5.74 in Nov. 2022.

The decrease caused a breakdown from the long-term $9.50 horizontal support area. This is a bearish sign that could lead to the acceleration of the downward movement.

Technical analysis indicators are also bearish. The weekly RSI is decreasing, is below 50, and has not generated any bullish divergence. It seems that the RSI will soon decrease into oversold territory.

The next long-term support area is at $3.40. Unless the AXS coin reaches a weekly close above the $9.50 support area, a fall towards $3.40 is the most likely Axie Infinity price prediction. This would amount to another 50% decrease.

Axie Infinity (AXS) Price Decrease
AXS/USDT Chart By TradingView

Axie Infinity Price: Short-Term Relief Before Fall

The short-term two-hour chart shows that the Axie Infinity price has decreased below a descending resistance line since Nov. 5. More recently, the line caused a rejection on Nov. 7. This led to the $5.74 low. However, the AXS price bounced in the next 24 hours.

The two-hour RSI fell to extreme oversold levels and has bounced outside of oversold territory (green icon). This could be a catalyst for a relief rally.

The relief rally may continue until $8.11, reaching the 0.382 Fib retracement resistance level (white) and the descending resistance line. In the more bullish scenario, it could increase until the $9.50 resistance area, which also coincides with the 0.618 Fib retracement resistance level.

However, unless it manages to reclaim this level, the trend cannot be considered bullish. Therefore, a fall toward $3.40 remains the most likely scenario.

Axie Infinity (AXS) Coin Short-term
AXS/USDT Chart By TradingView

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)