- Axie Infinity price hammer lower by 30% so far this week.
- Near-term support is almost non-existent within the Ichimoku Kinko Hyo system.
- Thin Volume Profile suggests an acceleration of selling pressure may occur.
Axie Infinity price has certainly not been immune to the massive selling pressure during and after last Saturday's flash crash. While some sub-sectors of the crypto market may recover, Axie Infinity and other metaverse cryptos have further to fall.
Axie Infinity to price drop another 20% to the $80 value area
Axie Infinity price had experienced a significant sell-off well in line with the broader cryptocurrency market. However, because AXS is part of the metaverse token/crypto bubble, its exposure to further downside risks is exceedingly high. That is especially true given its current position.
The 2021 Volume Profile abruptly ends any hint of support at the $102 price level until the $80 - $82 value area. Because the Volume Profile is so thin between $80 and $102, if Axie Infinity price moves below the $102 to level, that space acts as a vacuum and sucks Axie Infinity lower to the next high volume node at $80.
Sharing the $80 high volume node support zone is the weekly Kijun-Sen. If Axie Infinity price hits the $80 support level, the Relative Strength Index will be positioned near one of the oversold levels in a bull market (50 or 40). Further enhancing the support zone is the Composite Index. The Composite Index has created a new all-time low, warning short-sellers that it will likely bounce if AXS approaches any support structure.
AXS/USDT Weekly Ichimoku Chart
Any candlestick close above the $110 value area on the daily or weekly chart would invalidate this bearish outlook. A daily or weekly close at $110 would probably begin a consolidation phase before Axie Infinity price begins another run higher.
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
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
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.
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.