Axie Infinity (AXS) The current downtrend in price is in a rather vertical position and this downtrend could end even more drastically than seen before. Therefore, investors can expect the price to continue falling.
Axie Infinity Price Drops Quickly
Axie Infinity pricecontinues to show some pretty strong bearish momentum at the start of this week’s trading session. At the time of writing, the price appeared to be on a short pause after selling over the weekend as it traded below $30.
A Fibonacci projection tool surrounding the first drop from November to December revealed just how strong the bears really are. Since the first sale in December, the bears have managed to surpass and close every target that went down. Such a price action implies a strong bearish presence and should not be taken lightly.
Axie infinity price’s next target seems highly likely to surpass the 261.8% Fibonacci level of $22.99. Since the bearish slope in AXS price is quite vertical, its traders should wait for a capitulation event to occur before buying the bottoms.
A bullish hammer on the 4-day chart along with a divergence from the Relative Strength Index could be the perfect scenario for AXS price to recover.
The best confirmation that the bearish is over would be at the $44.42 level. If this price surge occurs, the bulls could invalidate the downtrend and send AXS price back to $88, resulting in a 200% increase from the current AXS price.
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.