The price of Axie Infinity (AXS) fell sharply by 14.85% in 24 hours to $1.81 as of February 1, 2026, extending a weekly loss of nearly 28%. Technical analysis of the weekly chart shows a multi-year downtrend within a falling wedge pattern, with a recent sweep of liquidity below $0.90 followed by a strong reclaim. Analysts note easing selling pressure on indicators but state a confirmed trend reversal requires a break above the $2.20 to $2.40 resistance zone.
As of February 1, 2026, Axie Infinity (AXS) dropped 14.85% in the past 24 hours. According to CoinMarketCap, the token is trading at $1.81 with a market capitalization of $308.7 million.
The weekly performance also remains weak, down 27.9%, as traders monitor volatility closely. These movements highlight short-term risks for holders.
The AXS weekly chart reveals a long-term downtrend from its 2021 peak near $165, forming a falling wedge. Prices have compressed from $70 to below $3, with declining volatility and momentum.
Recently, AXS swept liquidity below the wedge support near $0.80–$0.90, then aggressively reclaimed levels. 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. The analyst added that if confirmed, price targets of $3 to $3.50, $6 to $7, and $12 to $15 are possible.
Technical indicators suggest that selling pressure is diminishing. The weekly RSI is at 51.61, rising from the oversold level of 30, indicating neutral movement.
The MACD histogram is positive at +0.15196, but the MACD line remains below the signal line. This suggests that bearish momentum is slowing without confirming a trend change.
The recent drop may present an opportunity for a price rebound based on technical indicators. If the price surpasses the $2.20 to $2.40 resistance, it might indicate a trend reversal.
