Axie Infinity’s price is in dire straits as price action hovers around $20
- The AXS price wraps in a triangular fashion.
- Axie infinity price is showing a downward trend in volumes.
- The invalidation of the bearish outlook is a break above $24.
AXS price hints at another price drop. If the technical details are correct, a target could be reached at $15.
AXS prepares for its final decline
Axie Infinity’s price is currently wrapping up in what appears to be a triangle consolidation.
The triangle could be seen as wave four in the sharply lower rally that has wiped out 40% of earnings since May. If the consolidation pattern is validated, a breach into the $15 levels could occur to print the final wave five in the trend.
Axie Infinity price is displaying a decreasing volume pattern that is usually seen in a sideways consolidation. Although the opportunity to short the AXS looks promising, traders should be cautious as downtrend consolidations are notorious for having counterfeits and smart money involvement towards the lower half of a move. . The final confirmation for the triangle will be a breach and close below $19. The downside targets lie at $17 and $15.
AXS/USDT 4-Hour Chart
The invalidation of the bearish outlook is a breach above $24. If the bulls can establish price action in this area, the next target could be $30, which would result in a 50% increase from the current AXS price.