|

Axie Infinity price headed for a 13% plunge if key support level fails to hold

  • Axie Infinity price could be awaiting a 13% decline as the token approaches a critical level of support.
  • If AXS slices below $75.07, the token could be at risk of dropping toward $66.61.
  • A foothold may emerge at $72.20 before Axie Infinity falls further. 

Axie Infinity price is at risk of sliding lower if a crucial support barrier fails to hold. Slicing below $75.07 could spell trouble for the bulls as a governing technical pattern projects a 13% plunge toward $66.61.

Axie Infinity bears target toward $66 next

Axie Infinity price has formed a rising wedge pattern on the 4-hour chart, suggesting a bearish narrative for the token. AXS is currently nearing a critical line of defense at the lower boundary of the prevailing chart pattern at $75.07. 

If Axie Infinity price slices below the aforementioned level of support, a 13% move to the downside toward $66.61 would be on the radar. 

AXS may slide lower toward the 50 four-hour Simple Moving Average (SMA) at $74.34 as another line of defense, before dropping toward the 78.6% Fibonacci retracement level at $72.20, sitting near the support line given by the Momentum Reversal Indicator (MRI).

Additional selling pressure may see Axie Infinity price fall toward the January 9 low at $68.86 before AXS reaches the bearish target given by the prevailing chart pattern at $66.61, which coincides with the September 19 high.

AXSUSDT

AXS/USDT 4-hour chart

However, if the bulls manage to reverse the period of underperformance, the first line of resistance sits at the 61.8% Fibonacci retracement level at $77.68, coinciding with the 21 four-hour SMA.

Axie Infinity price may meet further obstacles at the 100 four-hour SMA at $79.47, then at the 50% retracement level at $81.53 before the buyers target the upper boundary of the governing technical pattern at $85.53, where the 38.2% Fibonacci retracement level also sits. 

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
Share:

Editor's Picks

Cardano Price Forecast: Approaches critical support as correction risks grow
Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.
Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Bitcoin price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Friday as the broader cryptocurrency market extends its losses over 4%, 2.5% and 5%, respectively, this week.
Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations
Ethereum (ETH) is down 0.7% on Thursday as the second-largest cryptocurrency looks to recover from earlier pressure following the release of stronger US inflation data. The Producer Price Index (PPI) for final demand rose 0.4% in August, matching market expectations after a revised 0.1% increase in July, according to the US Labor Department.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.