- Axie Infinity price treading water above final support before AXS sinks to the $46 level.
- Immense gaps within the Volume Profile show huge risks as AXS moves lower.
- Upside potential remains but is likely limited.
Axie Infinity price continues to drift lower as profit-taking continues within the metaverse and gaming token space. Additionally, broader cryptocurrency market fears, uncertainties, and doubts weigh in on near-term price action.
Axie Infinity price is on track to hit $46, but even lower and more crippling price collapses could occur
Axie Infinity price is on a knife’s edge. From the perspective of the Ichimoku Kinko Hyo system, there is no support for AXS on the weekly chart until the Chikou Span drops to test the bodies of the candlesticks, the closest now at $43. Consequently, $43 is where the 38.2% Fibonacci retracement also exists.
The Volume Point Of Control at $71 is currently the only primary technical support level for Axie Infinity price. Any move below that value will be swift. However, the Volume Profile does warn that $46 may not be as supportive as interpreted.
The Volume Profile shows two primary high volume nodes. The first is where Axie Infinity is currently trading and the Volume Point Of Control at $71. The following high-volume node doesn’t appear until $12. A move to $12 is not likely, but the immense gap between the two high-volume nodes should warn traders about how weak AXS price action will be if $70 fails.
AXS/USDT Weekly Ichimoku Chart
If the near-term bearish outlook is to be invalidated, then bulls will need to rally Axie Infinity to a close above the Kijun-Sen at $90.
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.