The Axie Infinity (AXS) price has broken down from the long-term $9.50 support area. This could be the catalyst for a decrease towards $3.40.
AXS is the native token of the blockchain-based play-to-earn game Axie Infinity, made by Sky Mavis. The price of AXS has decreased since reaching an all-time high of $166.09 in Nov. 2021. The decrease led to a low of $5.74 in Nov. 2022.
The decrease caused a breakdown from the long-term $9.50 horizontal support area. This is a bearish sign that could lead to the acceleration of the downward movement.
Technical analysis indicators are also bearish. The weekly RSI is decreasing, is below 50, and has not generated any bullish divergence. It seems that the RSI will soon decrease into oversold territory.
The next long-term support area is at $3.40. Unless the AXS coin reaches a weekly close above the $9.50 support area, a fall towards $3.40 is the most likely Axie Infinity price prediction….
