The cryptocurrency of Axie Infinity has enjoyed quite the popularity among crypto fanatics for several years. Yet, in what feels like déjà vu for the game-focused digital currency, the general trajectory of cryptocurrencies in contemporary times may suggest that the price of AXS is set to fall as the current market conditions are being engulfed by the bears.

Looking into AXSUSD from a techincal perspective, the price has been moving in a range which it has failed to break since November of 2022. During the past 5 months, AXS has been dropping to a lower range one cycle after the next, setting lower highs and lower lows in the process.

When analyzing the price history of the cryptocurrency, AXS may in fact surge strongly if it touches the $6 support level, and although the current price-tag is by the Fibonacci 88.6% retracement level where it is expected to make a slight reversal and begin rising very timidly, the current situation of the wider cryptocurrency market is predominantly bearish.

Hence, amid high selling pressure and other macroeconomic conditions which are prompting investors and traders to go short on AXS, this supports the hypothesis that AXS may fall even further until the $6 mark, which shall coincide with the 100% Fibonacci retracement level.