• Axie Infinity’s price action faced the same meltdown as the broader crypto market.
• The volume continues to rise, indicating that a reversal may be coming.
• Renewed buying pressure and volume entered AXS after hitting new lows in 2022.

Axie Infinity price faced another major capitulation move on Wednesday. An expected release of the US CPI confirmed that inflation remained at a 40-year high, with slight annual variation. Cryptocurrencies crashed on the initial report, with the AXS falling over 33%.

Axie Infinity Price Rebounds Nearly 40% From Lows

Axie Infinity’s price action for today is the definition of a jigsaw. AXS opened the day at $24.20 and was hammered at $16.20. As of this writing, AXS has regained the $23 value zone and continues to climb.

Compared to its peers, Axie Infinity’s declining entry for new players and the recent Ronin Network breach in March 2022 continue to weigh on current and future investors. Additionally, the major deviation in the 2021 volume pattern below $35 also contributed to the magnitude of the decline.

The amount of volume currently flowing into AXS sets the price of Axie Infinity for a resistance test at $31. $31 contains the 50% Fibonacci retracement and the daily Kijun-Sen. Given the power of the buy, the bulls could break through this resistance.

Ichimoku Kinko Hyo AXS/USDT Daily Chart

The next level that AXS price would then test is the 2022 volume control point and the 38.2% Fibonacci retracement at $50. Due to the low volume profile, traders should expect a quick spike between $32 and $50.