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.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
