Axie Infinity: How to short the 50% crash that AXS is about to undergo

Axie Infinity's price is shattering the support levels as it falls off a cliff. This massive downswing is a result of two reasons – the market condition and a top reversal pattern formed over the course of eight months.

Timeline of Axie-infinity

Digital currency ecosystem company BTCS, a pioneer in the blockchain and digital currency ecosystem, announced the addition of blockchain-based game Axie Infinity to its blockchain infrastructure operations.

Today's Axie Infinity price analysis is bearish as the market has not been able to move beyond a key resistance level at $49.3. The trading price of AXS is currently at $29.7, and the market looks set to continue its downward trend in the near term.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The buyers finally increased their intensity by cooling off the sell-off situation and finding dependable grounds at the $28-zone over the last few days.

Today's Axie Infinity price analysis displays a bearish movement in the market, and the market moves towards a slightly upward direction, raising the price of AXS little by little. After that, however, the cost of AXS experienced a flash crash and declined to $28.9, from $31.1; on May 8, 2022, AXS/USD lost further momentum and.

There has been a growing trend of video game developers launching their projects as NFTs to secure big investments. The video game industry and fintech industry are conjoining the respective technological facilities to build a space for creators to gain financial stability.

The Axie Infinity(AXS) price retests the $27 support twice within a fortnight. Moreover, an evident bullish divergence in the daily-RSI indicates the buying pressure at $27, encouraging the formation of a double bottom pattern.

The performance of the global crypto market has taken another weird turn as it hasn't been able to stay stable at a specific point. The changes in its value have been disconcerting for the investors because of the continuing bearishness as seen in case of Bitcoin and Binance Coin.

Blender.io, a platform focused on providing mixing services in the crypto market, has been sanctioned by the US Treasury. According to the regulatory body, the Blender platform played a vital role in the successful hack of Ronin bridge and Axie Infinity some weeks ago.

Axie Infinity, one of the largest play-to-earn blockchain games by volume, has crossed the $4 billion mark for all-time NFT sales. The play-to-earn (P2E) game, launched sometime in 2018 by Vietnamese software studio Sky Mavis, is currently the third-largest NFT platform in terms of sales volume.

In revving up their efforts to ease down the sell-off situation, the buyers finally managed to find reliable grounds at the $28.9-level. While the recent retracement pulled the alt to its multi-month lows, Axie Infinity (AXS) marked a down-channel (white) on the daily timeframe.