Axie Infinity price is in a make-or-break situation as price action coils around $20
|
- AXS price is coiling in a triangular fashion.
- Axie infinity price is showing a volume tapering pattern.
- Invalidation of the bearish outlook is a break above $24.
AXS price hints at one more drop in price. If the technicals are correct, a target could be reached at $15.
AXS prepping for its final decline
Axie Infinity price is currently coiling into what appears to be a triangle consolidation.
The triangle could be considered a wave four within the steep declining rally that wiped 40% of profits since May. If the consolidative pattern is validated, a breach into the $15 levels could occur to print the final wave five within the trend.
Axie Infinity price displays a volume tapering pattern which is typically seen in sideways consolidation. Although the opportunity to short AXS looks promising, traders should be careful as downtrend consolidations are notoriously known to have fakeouts and smart money involvement towards the bottom half of a move. The final confirmation for the triangle will be a breach and close below $19. The bearish targets lie at $17 and $15.
AXS/USDT 4-Hour Chart
Invalidation of the bearish outlook is a breach above $24. If the bulls can establish price action in this zone, the next target could be $30, resulting in a 50% increase from the current AXS price.
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.