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Axie Infinity Price Analysis: Will AXS Price Fall Below $10?

 


Axie Infinity (AXS) cryptocurrency price has been rising since June 18, 2022, but has yet to break through a crucial resistance line.


After rising to its last all-time high in November 2021, the Axie Infinity price then fell to its last low of USD 11.85 in June 2022. That's down 92% since it hit its last all-time high.


Also, AXS price recently fell below the 0.5 Fib retracement support level and then validated it as resistance. However, AXS price has yet to fall below the 0.618 Fib retracement level at $10.


There is a crucial horizontal support area that last acted as resistance in May 2021 (red arrow). If Axie Infinity price hits the area, then AXS price could bounce off it.


The technical indicators do not look bullish at the moment. Although the weekly RSI made a new all-time low of 30, we have yet to see any bullish divergence developing. In addition, the RSI is not yet in the oversold territory.

On the daily chart, you can see that the AXS price has been following a descending resistance line since May 5, 2022. On July 9, 2022, Axie Infinity price was rejected at the resistance line and continued to fall thereafter.


A bullish divergence has been developing on the RSI since May 14, with the second bottom occurring on June 16, 2022. However, we haven't seen any significant upward movement since then. So far there has not been a breakout over the line. If the trendline on the RSI (the green line) breaks, then we should expect further declines.

On the 6-hour chart, you can see that the AXS price has broken below an ascending parallel channel. Corrective movements normally take place within such channels. A price decline was therefore to be expected. In addition, the price history shows us that we are in a downtrend. Namely, the price trend in the channel looks like an upward correction.


The 1.27 Fib external retracement level plotted on the recent high is near the $10 level. So, the potential target of the current move down is near the aforementioned long-term support area. So, the Axie Infinity price could bottom or bounce at $10.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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