- Axie Infinity continues to show substantial price weakness.
- Lackluster participation around crucial lows highlights feeble interest.
- The alt has higher chances of dipping towards $20.
Axie Infinity (AXS) shows dominant weakness, maintaining its southward journey. Though it might sound unbelievable amid current conditions, Axie Infinity once hovered around the $166 peaks. For now, AXS stayed more than 86% down while contemplating recovery actions.
AXS Likely to Print New 2022 Lows
Axie Infinity exhibits some of the most bearish price actions within the gaming tokens industry. A trifecta of problems has plagued the token’s upside journey. They include:
- Player numbers started dropping late in 2021.
- The Ronin Network hack in March 2022 repelled the potential and current users.
- Many consider AXS entry cost prohibitively high.
Axie Infinity was the last major gaming coin to achieve 50% logarithmic FIB retracement for a long. It completed the retracement on 30 April 2022. Nevertheless, buyers remain vacant regardless of the move.
For now, Axie Infinity seems ready to keep lowering, breaching its current 2022 lows towards the psychological value area at $20. This zone also comprises the 61.8% FIB retracement and prior 2021 VP volume node. Nevertheless, things might get dicey beneath the $20.
There’s nearly no traded AXS volume history around the Volume profile from $20 to $8, the following high volume node. With all these bearish fundamentals, global risk-off sentiment, plus an increasingly competitive industry, Axie Infinity’s recovery road is almost impossible.
While writing this content, Axie Infinity traded at $28.60, battling downward movements. Though the altcoin tries to eye the upside, the downside path has fewer hurdles for the alt. That comes as the overall crypto market took a massive hit.
Bitcoin remains shaky at the $35,968.75, losing 0.88% within the past day. Altcoins, including Axie Infinity, will rely on the king coin for upcoming actions. Some analysts believe BTC will continue dipping to hit the $30,000 level. Such a move would trigger declines in the alt marketplace. Also, the global cryptocurrency market cap lost 1.26% within the previous day to $1.65 trillion.
Stay tuned for the latest developments in the cryptocurrency world.