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Axie Infinity: AXS price risks deeper losses despite 90% drawdown already

Published 06/11/2022, 11:37 AM
Updated 06/11/2022, 01:40 PM
Axie Infinity: AXS price risks deeper losses despite 90% drawdown already

Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021.

AXS's sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below.

Axie Infinity's working schematic. Source: Decentralised.co
Axie Infinity statistics since March 2021. Source: Dapp Radar
AXS/USD versus BTC/USD versus SPX daily price chart. Source: TradingView
AXS/USD weekly price chart. Source: TradingView
AXS/USD weekly price chart featuring "descending broadening wedge" setup. Source: TradingView

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