Axie Infinity’s [AXS] price action has weakened over the past few weeks. Since January 23, the gaming token has depreciated by 40%, with the crypto trading below $10. At the time of writing, AXS’s value was $8.3 and it could retest key support levels if macroeconomic headwinds persist. 

AXS has dropped from $12 to $8 as bears dominate the market. The prevailing inflation could further exert selling pressure and offer bears more leverage in the next few days/weeks. As a result, bears could sink AXS below the descending channel’s boundary of $8.40 and retest the $7.71 support. An extremely bearish scenario could see AXS drop to $6.65 or $5.70. 

Therefore, cautious bears could wait for a pullback to retest the lower channel’s boundary to confirm a further downtrend before making moves.