Axie Infinity (AXS) The price has dropped 30% so far, earlier this week. Short-term support is almost non-existent in the Ichimoku Kinko Hyo system. The “Thin Volume Profile” suggested that an acceleration of selling pressure could occur.
Axie Infinity (AXS) price was unaffected by the massive selling pressure during and after the crash last Saturday. Although some sub-sectors of the crypto market are showing signs of recovery, it looks like Axie Infinity and other metaverse cryptos will continue to decline.
Axie Infinity price will continue to drop 20% to the $80 value area.
Axie Infinity price has experienced significant selling pressure in line with the broader cryptocurrency market. With this, AXS As the metaverse token is part of the crypto bubble, its exposure to further downside risks is extremely high. Considering the current position, this seems to be true.
The 2021 Volume Profile abruptly ends any support at the $102 price level until the $80-$82 value area. Since the Volume Profile is so thin between $80 and $102, if the Axie Infinity price drops below $102, this area will act as a gap and will suck Axie Infinity into the next high-volume node at $80.
Sharing the $80 “high volume node support zone” is the weekly Kijun-Sen. If Axie Infinity price reaches the $80 support level, the “Relative Strength Index” will be positioned near one of the oversold levels (50 or 40) in the bull market. Further developing the support zone is the Composite Index. The Composite Index warns of a new all-time low short seller that a bounce is likely if AXS approaches any support structure.
Any candlestick above the $110 value area on the daily or weekly chart will invalidate this bearish view. A daily or weekly close at $110 will likely start a consolidation phase before Axie Infinity price moves higher.
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.