AXS Price Analysis: Reversal Within Range May Tank Prices by 20%

The Axie infinity (AXS) price triggers a bear cycle within the range-bound rally. Under the pattern influence, this reversal may offset the recent recovery and plunge the altcoin by 20%.

Timeline of Axie-infinity

The Axie infinity (AXS) price has resonated between the $18 and $12 mark over the past six weeks, indicating a short consolidation phase. The altcoin has tested both the extreme barriers and accentuated them as important chart levels.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Soon after Axie Infinity [AXS] approached to test the $12-support, buyers provoked a week-long rally in an ascending channel (white).

The last two quarters have been rough for Axie Infinity [AXS]. The GameFi has not only been the victim of one of the largest crypto hacks but has also swayed with the bearish sentiment in the broader market.

On July 16th, the AXS price gave a bullish breakout from a six-week-old descending triangle pattern. This breakout offers a recovery opportunity for coin holders, and as per the technical setup, it should lead the price to the $24 mark.

Binance has significantly reduced the size of its investment in Axie Infinity developer Sky Mavis. The post Binance scales back investment in Axie Infinity developer's post-hack fundraise appeared first on The Block.

Axie Infinity saw a high decline in sales volume in June due to an overall bearish market, which led to decreased investor interest in non-fungible tokens (NFTs). The post Axie Infinity Sales Hit 2022 Low, Crashing More than $120 Million appeared first on BeInCrypto.

Play-to-earn (P2E) game Axie Infinity is seeing a turnaround in fortunes after its latest performance in the NFT market. The project has been attracting new customers with many developments on the platform.

Axie Infinity (AXS) has been moving upwards since June 18 but has yet to break out from a descending resistance line. The post Axie Infinity (AXS) Breaks Down From Short-Term Pattern appeared first on BeInCrypto.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. On a higher timeframe chart, Axie Infinity [AXS] formed a range since mid-June.