Axie Infinity could drop a further 36% if AXS fails to hold $70
- 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.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
