Axie Infinity Price Prediction: AXS to shed gains by 15% as bulls disappear

• Axie Infinity price is in the process of filling a fair value gap, extending from $102.62 to $79.20. 
• On-chain metrics support the 15% crash forecast from a technical perspective. 
• A swing high above $116.22 will indicate a potential shift in the trend and invalidate the bullish thesis.

Axie Infinity price is contemplating a deep correction. AXS is likely to witness a minor bump in its market value before it triggers a crash.

Axie Infinity price to fill inefficiencies

Axie Infinity price rose 33% from $79.20 to $106.01 quickly without leaving any room for correction. This sudden upswing created a price inefficiency referred to as the fair value gap (FVG). 

More often than not, these gaps are filled as price trades back into the range and that is what Axie Infinity price is currently doing. So far, AXS has dipped almost halfway into the FVG but going forward, investors can expect it to go all the way.

From its current position at $93.50, market participants can expect Axie Infinity price to drop another 15% to $79.20. In some cases, AXS could retest the $71.59 barrier, bringing the total drop to 23%.

AXS/USDT 6-hour chart

Supporting this drop to $79.20 or $71.59 is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows the immediate support level is around $70.94. Here, roughly 865 addresses purchased 1.63 million AXS.

Therefore, market participants can expect the gaming token to see substantial losses in the near future.

AXS GIOM

Moreover, the number of daily active addresses joining the Axie Infinity blockchain has dropped considerably over the past three months from 6,263 to 746. This 88% decline indicates 

Investors are done investing in AXS and not are interested in Axie Infinity price at the current levels.

AXS DAA

On the other hand, if Axie Infinity price sees a potential increase in buying pressure, leading to a six-hour candlestick close above $106.47, it will indicate that the market makers are collecting liquidity before triggering a crash.

However, if AXS sets up a swing high above $116.22, it will invalidate the bullish thesis.

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