• 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


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP