• Axie Infinity has $10 and $4 as its massive FIB retracement targets.
  • Volume confirms bears re-entrance in the marketplace.
  • AXS needs a move past $44 to invalidate the bearish declines.

Axie Infinity (AXS) displays various reasons supporting further downside momentum for the alternative token. Market participants can approach a short trend cautiously or wait for the coin to breach the invalidation target.

Nevertheless, the token’s path with few confrontations remains to the downside. While publishing this content, AXS traded at $21.21, losing around 3% over the previous day. Meanwhile, technical suggests further decline for the token.

Axie Infinity Awaits Further Decline

Axie Infinity sees its price unfolding a downside wave as the week starts. That comes as many assets in the marketplace witness a bloodbath. Bears have dominated the crypto industry over the past couple of weeks.

Bitcoin failed to regain levels beyond $30,000, changing hands near $29,438.87 at this publication, following a 1.34% drop over the past day. Such developments translated to a bearish outlook in the market as most tokens mimic BTC price trends.

AXS’s two-day price chart confirms bearish tendencies on several fronts. Firstly, the bearish trend is steepening. Secondly, bulls are yet to present a significant candlestick to ease the bearish price reactions.

Also, the FIB retracement tool surrounding all-time highs and all-time lows revealed a more bearish confluence for Axie Infinity. Currently, the 38.2% FIB retracement zone stands at $10. A macro standpoint shows AXS price can crash to explore $10 and $4 near the 50% Fibonacci level before catalyzing moves towards new ATHs.

The volume profile index shows a subtle ramping formation favoring bears on AXS’s two-day chart. These developments confirm more potential declines for Axie Infinity price. For that reason, AXS enthusiasts can expect extended lows before the alt eyes new upticks.

Nevertheless, traders maintaining a lucrative trade would confirm the invalidation of the bearish outlook. If the highlighted technical are accurate, bulls would hardly overcome $44. However, breaching this area would welcome upward actions that push the token to $80. That would result in a 200% surge from AXS’s current price.

Feel free to share this content.

Editorial credit: Ira Lichi / Shutterstock.com