Axie Infinity priceprepares to suffer more losses as it approaches its ‘death cross’. The governing technical pattern predicts a bearish target of $36.73 which would have triggered a 26% drop.
Axie Infinity price broke below the lower limit of the ‘descending parallel channel’ on the daily chart on January 22. The prevailing chart pattern suggests a possible decline towards a target of $36.73.
Axie Infinity (AXS) The price should have a good fight to push up, as the price collides with the 50-day Simple Moving Average (SMA) and the 200-day SMA, with previous lows falling further. The Arms Index (TRIN) indicator also points to an increase in sellers in the market, indicating an overall ‘pessimistic’ situation.
AXS could discover immediate support at the September 21 low of $48.10 before falling to the August 10 low of $43.29. An additional increase in sell orders could push Axie Infinity price towards the bearish target of $36.73.
However, if buying pressure builds, Axie Infinity price may face initial resistance at $56.17 on the lower border of the governing technical pattern.
AXS could face additional hurdles at the 78.6% Fibonacci retracement level at $61.12, then at the middle border of the dominant chart pattern at $71.77, which coincides with the 21-day SMA and the 61.8% Fibonacci retracement level.
Bigger prospects could target the upper border of the descending parallel channel at $79.26, coinciding with the 50% retracement level. A break above the bearish chart pattern could be difficult as the 50-day SMA and the 200-day SMA and the 38.2% Fibonacci retracement level intersect at $86.74.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.