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.
