Axi Infiniti (AXS) price is trending more towards the bearish side, which is likely to deepen existing losses.
Investors may encourage this by selling early to offset losses.
Axi Infinity investor skepticism surges
Due to the AXS price decline, less than 11% of all AXS holders are currently making a profit. This is because widespread market bearish conditions are weighing heavily on altcoins. This is the lowest figure recorded by gaming token investors in eight months since October 2023.
Unfavorable market conditions can trigger a wave of selling as investors try to offset losses. This potential sell-off could exacerbate downward pressure on AXS, leading to further price declines.
Additionally, the Chaikin Fund Flow (CMF) indicator is at its lowest point for the year. CMF is a technical analysis indicator that combines price and volume data to measure the strength of buying and selling pressure in the market.
A positive CMF indicates buying pressure, while a negative CMF indicates selling pressure. CMF's current figures suggest that there is significant capital outflow from the market. This is due to increasing selling pressure, which could hamper AXS price recovery attempts.
Read more: AXS explained for beginners
AXS Price Prediction: View Analysis
AXS price is currently forming a head and shoulders pattern. This is a classic bearish indicator because it often forms ahead of a significant price correction. AXS, which is trading at $6.1 at the time of writing, looks like it could fall further.
The head and shoulders pattern suggests that AXS may be subject to a 96% correction. If this pattern plays out as expected, the AXS price could plummet, resulting in significant losses for holders.
However, a more realistic outlook for the altcoin is a decline to $4.0. This price range has been tested as a support bottom in the past, and the altcoin is likely to settle there.
Read More: Axi Infiniti (AXS) Price Prediction 2024/2025/2030
However, a recovery could begin if the gaming token rebounds from the $5.3 support level. A recovery of $7 as support would initiate a recovery rally and invalidate the bearish logic.
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