fxs_header_sponsor_anchor

Axie Infinity Price Prediction: AXS could be staring at 38% correction

  • Axie Infinity price might be preparing for a minor upswing that will evolve into a downswing.
  • A failure to slice through $46.02 could trigger the 38% correction to $28.15.
  • A decisive 6-hour candlestick close above $49.80 will invalidate the bearish thesis.

Axie Infinity price has witnessed exponential growth over the past month, but it has not corrected to offset the gains. Therefore, investors can expect a retest of the trading range’s midpoint.

Axie Infinity price prepares for a potential dead cat bounce

Axie Infinity price rallied roughly 285% in July, but it has witnessed minor correction in August. While its ascent was astonishing given the timing, a retracement seems logical. However, investors must note that a minor upswing that retests the $42.69 or $45.91 resistance level is likely.

A failure to slice through these barriers will confirm the inability of the buyers and signal the bears to run amok.

The first support level sellers will encounter is the $37.66 foothold. Breaching this will push AXS down to $34.88, a stable demand barrier. While shattering the $34.88 support floor will be tough, doing so will push Axie Infinity price down to the trading range’s midpoint at $28.15.

AXS/USDT 6-hour chart

While the downswing scenario seems plausible if AXS fails to breach crucial resistance levels, things will favor the bulls if the buying pressure shatters $45.91 and flips it into a support barrier.

This move will confirm that the bulls are optimistic about the performance of Axie Infinity price.

Tables will turn if AXS flips the $49.80 resistance level into a demand floor. 

Such a development will invalidate the bearish thesis and open up the possibility of a retest of the all-time high at $53.59.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.