Axie Infinity, a Play-2-Earn project that skyrocketed in 2021, has been experiencing a significant decline, leaving investors worried about their investments. The market's uncertainty has raised concerns that AXS prices may further plummet, triggering panic sales and exacerbating losses. Less than 11% of AXS holders have managed to stay profitable, with the current market conditions being the primary reason.

The Chaikin Money Flow (CMF) indicator, which measures the money entering and exiting the market, has reached its lowest point this year, indicating outflows in the AXS market. This negative outlook may lead to further price declines. Analyses suggest a potential downward trend, with a head and shoulders pattern forming, indicating a possible correction of up to 96%. If this pattern materializes, AXS prices could plummet, causing significant losses for investors.

The graph shows a potential decline to $0.22, with the first expected level of support at $4.0. This price level has been a long-term support level, and a break below it could lead to further losses. Investors are advised to exercise caution, as the market's uncertainty and negative outlook may lead to a continued price decline.

The consequences of potential panic sales by investors to quickly reduce their losses are a significant concern. A bigger question mark arises regarding the potential consequences of such sales, which could lead to a further decline in AXS prices.

In conclusion, Axie Infinity's price decline has raised concerns about a potential further plunge. The negative outlook in the market, indicated by the Chaikin Money Flow, and the formation of a head and shoulders pattern, suggest a potential downward trend. Investors must exercise caution and be aware of the potential risks, as the market's uncertainty may lead to significant losses.