Jonathan Morgan
Independent Analyst
- 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.
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