• Axie Infinity price drops below two key Ichimoku support levels.
  • Massive, open space with little support below $115.
  • The threat of a further 30% drop is increasingly likely.

Axie Infinity price experienced a sharp drop in line with the rest of the cryptocurrency market. Buyers have stepped in to support Axie Infinity near the bottom of a high volume node, but a daily close below the Tenkan-Sen and Kijun-Sen could trigger some significant selling.

Axie Infinity price at a precipice risks falling significantly lower

Axie Infinity is currently at a make-or-break level if it wants to maintain the trading range it has been in since the beginning of October. The daily Tenkan-Sen and Kijun-Sen are both at the $128 value area, and Axie Infinity price has dropped below both of those levels.

The most critical support level remaining for Axie Infinity price is the high volume node at $115. The volume profile is extremely thin below $115 and warns that any move below $115 will likely get thrust to the next high volume node, which doesn’t appear until the $100 level. Support is likely to be found at $100 as the weekly Tenkan-Sen is at that value area as well.

AXS/USDT Daily Ichimoku Chart

As bearish and weak as the aggregate market may appear, the threshold that Axie Infinity price needs to overcome to push new all-time highs is not difficult. A close at $138 would place Axie Infinity into an Ideal Bullish Ichimoku Breakout entry. However, this would need to occur over the next two trade days. In three days (Saturday), the Chikou Span would be below the candlesticks - adding to the bearish bias.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Digital asset weekly inflows jump over 600% following response to CPI report

Digital asset weekly inflows jump over 600% following response to CPI report

Coinshares weekly report of digital asset flows shows that crypto assets witnessed more than a 600% increase in net inflows last week after US Consumer Price Index saw a softer-than-expected inflation increase.

More Cryptocurrencies News

Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%

Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%

Ethereum's (ETH) price gained over 16% on Monday as Bloomberg analysts updated their odds for spot Ethereum ETF approval to 75%. Grayscale’s CEO stepping down from his role days before the Securities & Exchange Commission (SEC) decides on the ETFs has also added complexity to the predictions of analysts.

More Ethereum News

Tokens with high FDVs, low circulating supply face fierce criticism from crypto community

Tokens with high FDVs, low circulating supply face fierce criticism from crypto community

Tokens with high fully-diluted valuations (FDV) have been subject to fierce criticism recently following a series of token unlocks that has caused losses for several investors. As a result, Binance has said in an announcement on Monday that it will give more focus to small and medium-valued crypto projects.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP