AXS Remains in a Bearish Zone

The Axie Infinity crypto price is falling toward $8 after a slight upthrust in the morning session on Monday. Moreover, the price hovers near the support zone and has yet to note a comeback, and the inflow of buying volumes. 

Moreover, on a 4 hour chart, a double bottom pattern, also known as the ‘W’ pattern, is noted, indicating that the price may possibly make its way to the upper levels. The AXS price fell by a little over 8% in the last couple of days but is still hanging above the support line at $7.75 and consolidating. 

At press time, the Axie Infinity cryptocurrency was trading at $7.9 with an intraday gain of 1.3%, between the 20-day and 50 day EMAs, suggesting neutral sentiment on the daily chart. Moreover, the intraday trading volume is 42.4 Million. The market capitalization of the Axie Infinity cryptocurrency is $1.047 Billion.

Axie Infinity Crypto Price Outlook in the Higher Timeframe 

The current consolidation phase could be seen as a healthy correction before the next leg up, as AXS is facing strong resistance at the $8.50 level, which coincides with the 0.618 Fibonacci retracement level of the entire short-term bearish move. 

A decisive break above this level could open the doors for further gains, with the next target at $10.14.

However, on the downside, AXS has strong support at the $7.50 level, which is the 0.5 Fibonacci retracement level and the lower boundary of the consolidation range. 

A break below this level could invalidate the bullish outlook and trigger a deeper correction, with the next support at $6.50, which is the 0.382 Fibonacci retracement level and the 50-day moving average.

In the short-term, the AXS crypto may consolidate in a range, as the RSI and MACD indicators do not show any clear trend direction. The price may oscillate between the $8.00 and $8.50 levels, which are the support and resistance levels, respectively. The price may also follow the 50-day EMA, which is currently at $8.10, and it is also a dynamic support level.

Axie Infinity Price Prediction January 2024

The analysts have a wide range of price targets for January 2024. The most optimistic view of analysts assumes that the price could rise to a high of $9.04, suggesting a potential gain of over 14.30%. The lower price target which the crypto could attain, as per the analysts, is $7.42.

Axie Infinity Price Prediction 2024

The price prediction for 2024 shows that the Axie Infinity crypto may rise to a high of $13.47 by the end of year 2024. On the other hand, the less optimistic analysts estimate a price target of $10.82 by the end of 2024. 

Axie Infinity Price Prediction 2025

As per the most positive view of our analysts, the price may attain $18.79, suggesting an upside potential of 136.13% if the crypto continues to grow. The most negative view assumes that the price may reach $13.41 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.