Axie Infinity (AXS) The price has lost nearly 60% from its all-time high. Selling pressure remains as the volume profile continues to decline. On the other hand, if AXS continues to create significant gaps between candle bodies and Tenkan-Sen, a jump can be expected.
Axie Infinity price follows the general decline in the crypto market and continues to drop. In addition, profit-making and broader cryptocurrency market weakness, game tokens and metaverse continues to weigh on crypto asset classes.
Axie Infinity price is finding temporary support at $70, but if it fails to hold this area, it could make a drastic move lower. Axie Infinity price may consolidate for a few days before determining its primary trading direction.
The second largest high-volume node at $70 in the Volume Profile has formed a support zone for AXS, but it remains to be seen whether this is enough to stop further selling pressure.
The gaps between the bodies of the daily candlesticks and Tenkan-Sen could temporarily limit how low Axie Infinity price can go, but it could just be a pause before another drop begins. Volume Profile, Axie Infinity It is thinning significantly between $65 and $50, where the price is expected to find the next primary support zone.
The $50 value area is vital for several reasons. First, this level represents an important psychological number. Second, there is a high-volume node between the $45-$50 value area, and third, the closest Fibonacci retracement (38.2%) is located at $46. Finally, if Axie Infinity price dips below $65, the $50 value area should prevent further bearish momentum.
The bulls will need to push the Axie Infinity price higher above daily Kijun-Sen to a close above $95 to invalidate the current bearish trend.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.