• Axie Infinity price may buck the trend of any broad recovery and continue to move lower.
  • On the weekly and daily charts, extreme oversold levels warn of a relief rally.
  • On the weekly chart, bulls need a 100% gain to return AXS to bullish conditions.

Axie Infinity price has been hammered since the beginning of 2022. It has fallen more than 52% this year and is down over 73% from the all-time high made in November 2021. Despite the 73% loss, a 50% logarithmic Fibonacci retracement has yet to trigger.

Axie Infinity may bounce and retest $90, but a drop to $31 is also likely

Axie Infinity price has found some support against the top of the weekly Cloud (Senkou Span B) at $44.25 and the 38.2% Fibonacci retracement at $46. A bounce from these lows should be expected, especially given the extreme oversold conditions on the weekly chart.

The Relative Strength Index remains in bear market territory and is slightly above the first oversold level at 30. More importantly, however, is the Composite Index. The Composite Index has essentially flat-lined and created new all-time lows, pursuing lower lows every other week. Combining these major oversold oscillator levels and the price support levels indicates a bounce to the Tenkan-Sen at $90 this week or, roughly, the $70 zone next week.

However, Axie Infinity price could move lower. Amongst its peers, AXS is the only remaining primary crypto in its peer group that has yet to make a 50% retracement based on a logarithmic Fibonacci measurement. GALA, MANA, ENJIN, and others have all completed their deep retracements, except AXS.

AXS/USDT Weekly Ichimoku Kinko Hyo Chart

The downside target for Axie Infinity price is $46. If AXS bulls want to invalidate any further bearish outlook, then they have the difficult task of pushing Axie Infinity to a weekly close above the Kijun-Sen, currently at $104.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP