Axie Infinity (AXS) Extends Downtrend, Eyes $2.40 Break for Reversal Confirmation

As of February 1, 2026, Axie Infinity (AXS) dropped 14.85% in the past 24 hours, continuing its downward trajectory. According to CoinMarketCap, the token is trading at $1.81, with a 24-hour trading volume of $190.59 million, down 1.89% from the previous day. Market capitalization is currently $308.7 million, reflecting a 14.77% decline.

The recent price movement signals a return of selling pressure amid market fluctuations. AXS’s weekly performance also remains weak, down 27.9%, as traders monitor volatility closely. These movements highlight the short-term risks for holders and suggest caution before entering positions.

Also Read: Axie Infinity (AXS) Shows Strong Momentum as Analysts Track $3.45 Target

Weekly Chart Shows Potential Reversal

The AXS weekly (1W) chart on Binance reveals a long-term downtrend from its 2021 peak near $160–$165, forming a clean falling wedge over several years.

Prices compressed from $70 → $10 → below $3, with declining volatility and momentum. Such a structure often signals bearish exhaustion and increases the probability of a long-term bullish reversal.

Recently, AXS swept liquidity below the wedge support near $0.80–$0.90, then aggressively reclaimed levels, closing around $1.90–$2.00. This move, accompanied by a noticeable volume spike, suggests a bear trap where weaker hands were absorbed. 

According to the Crypto Analyst Butterfly, A close above the upper wedge’s price cap, around $2.20-$2.40, will confirm this. If this plays out as predicted, $3-$3.50 (Target 1), $6-$7 (Target 2), and $12-$15 (Target 3) are all on the cards. A dip below $1.70-$1.80 invalidates this prediction.

RSI and MACD Indicate Stabilization

Technical indicators suggest that selling pressure is diminishing. The weekly RSI is at 51.61, rising from the oversold level of 30, with the moving average of the RSI at 33.98. This indicates neutral movement, not a rising movement, as per the TradingView chart.

Here, the MACD Histogram is at +0.15196, and the MACD line is pressing at -0.25459, which is still below the signal line at -0.40655. This suggests that the bearish momentum is slowing down, but traders should wait for confirmation before signaling any change in trends.

Why This Matters

The recent drop in the price of AXS may present an opportunity for the price to rebound, based on technical indicators, which show potential targets for the price to go up in the next few weeks.

If the price manages to go past the resistance level of $2.20 to $2.40, this might indicate a trend reversal, and traders may need to carefully consider their trades while effectively managing the risks due to the high level of volatility.

Also Read: Axie Infinity (AXS) Set For Potential Breakout, Predicts Crypto Analyst