- Axie Infinity price continues to slide south.
- Early signs of support and a pullback are now evident.
- Bulls could create a higher low pivot, staving off further selling.
Axie Infinity price has dropped more than 10% since Monday and is nearly 57% lower than its all-time high. A bearish continuation pattern points to another leg south before buyers step in.
Axie Infinity price at risk of another 16% drop to the $60 value area
Axie Infinity price action has been a source of frustration for bulls. After gaining 23% between January 10 and January 17, AXS has dropped 16% from the January 17 swing high. The selling pressure looks like it may continue.
Two bearish events coincided on the close of this Tuesday’s daily candlestick. First, Axie Infinity price closed below the bear flag, and second, it closed below the Tenkan-Sen. The return below the Tenkan-Sen, in particular, is the most prominent warning that further downside pressure is likely to continue.
The projected support zone is the 100% Fibonacci expansion at $60. The $60 mark is also where the final sliver of support in the Volume Profile exists; a level that must hold or a much deeper capitulation move into the $40 area is highly probable. The Volume Profile is extremely thin between $60 and $45, indicating an easy move lower if $60 fails.
AXS/USDT
However, bulls are not entirely without some hope. Structurally, Axie Infinity price has developed a higher low precisely where the current 2022 Volume Point Of Control is. Therefore, if buyers can return AXS to a close above the Tenkan-Sen currently at $77, then enough momentum may return to end the current corrective move.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.