Axie Infinity price could bottom out at $1.00

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

Axie Infinity price continues a sharp decline. Fibonacci and Elliot Wave Theory suggest a $1.00 bottom.

AXS price to land at $1.00 eventually

Axie Infinity price could potentially fall further before seeing a definitive market bottom. 

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

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

AXS/USDT 2-Day Chart

The best confirmation for the end of the current downturn will be a breach at $44.42. If this price spike occurs, the bulls could invalidate the downward trend and send the AXS price back to $88, resulting in a 200% increase from the current AXS price.