AXS Price Drop Analysis and Prediction

AXS price continues to fall due to the overall bearish sentiment in the market, with less than 11% of AXS holders currently in profit. This is the lowest figure for gaming token investors in eight months since October 2023.

A positive CMF indicates buying pressure, while a negative CMF indicates selling pressure. The current CMF reading indicates that the market is experiencing a large capital outflow, which indicates rising selling pressure that could hinder any recovery attempt in the AXS price.

Head and Shoulders Pattern: The AXS price is currently forming a head and shoulders pattern, which is a classic bearish indicator. The head and shoulders pattern usually precedes a significant price correction. As of the time of writing, the price of AXS is $6.1 and it seems likely to fall further.

Pullback Prediction: The head and shoulders pattern indicates that AXS may see a 96% pullback. If this pattern develops as expected, the AXS price may plummet, resulting in significant losses for holders. However, a more realistic prospect for the altcoin is a drop to $4.0. This price point has been tested as a support baseline in the past, and the altcoin is likely to fall here.

If AXS can rebound from the $5.3 support level, a rebound may be initiated. Reclaiming the $7 support level will trigger a rebound and invalidate the bearish argument.

The current market conditions and technical indicators of AXS both show a clear bearish trend. However, if market conditions improve and AXC is able to rebound at key support levels, a rebound may occur. Investors should pay close attention to market dynamics and technical indicators in order to make informed investment decisions.

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