AXS, the token of blockchain-based play-to-win platform Axie Infinity, could face a steep correction, according to analyst Sarah Tran. The analyst says that $95.24 could be critical as it creates a pattern on the metaverse coin chart that predicts a 31% drop. Here are the technical levels…
AXS price eyes on 31% possible correction
AXS price has formed a bearish descending triangle pattern on the 4-hour chart. If AXS fails to hold on to a key support, it will head for a 31% drop. The first line of defense for the price is the currently tested December 4 low at $98.30. Losing this support area could cause AXS to drop further to try $95.41 on the chart, which forms the lower bound of the pattern and combines the December 6 and December 11 lows.
However, a 31% drop is on the radar as a break below the aforementioned support points the bears towards $65.96, which the descending triangle pattern is aiming for. The analyst says key defense lines may be retested before this pessimistic scenario materializes. If the decline continues, AXS could explore support first at the September 6 high at $85.24 and then at the 127.2 Fibonacci extension level at $79.58. Also, the bulls will find another opportunity at the September 9 high at $72.28 before heading towards a lower support band at $65.96…
cryptocoin.com Don’t forget to take a look at the metaverse articles (section-1, section-2) we prepared.
Metaverse coin bulls will target these resistances
As for the bull side, if an uptick in buy orders occurs, the bulls’ initial resistances are at $102.33. AXS price may face additional resistance at $105.39 at the upper border of the descending triangle, which coincides with the 50 four-hour SMA. Closing above these resistances we mentioned can be challenging. If the buyer side dominates, he thinks there will be a bear-bull fight at $115.71 before targeting $110.19 and then $118.87.
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