• The AXS price is experiencing a sharp decline.
• Axie Infinity price action has Fibonacci levels coinciding with a target of $1.00.
• The invalidation of the bearish thesis is still a breach at $44.42.

The price of Axie Infinity continues its steep decline. Fibonacci and Elliot Wave Theory suggest a low of $1.00.

AXS price will eventually land at $1.00

The price of Axie Infinity could potentially drop further before seeing a definite bottom in the market.

Axie infinity price printed three clear impulsive waves. Elliott Wave Theory suggests that a 50-61.8% retracement level usually occurs after seeing three sets of impulse waves. A Fibonacci retracement tool surrounding the all-time lows and highs suggests a 61.8% retracement level in the vicinity of the $1 price.

Axie Infinity price could print the first set of corrective structures to send AXS price to $1.00. There could be some countertrend rallies before the target is reached, but overall a price level of $1.00 is a likely target for long-term investors who have no interest for intraday trading.

AXS/USDT 2-Day Chart

The best confirmation of an end to the current downturn will be a breakout at $44.42. If this price surge occurs, the bulls could invalidate the downtrend and send the AXS price back to $88, resulting in a 200% increase from the current AXS price.