|

Axie Infinity Price Prediction: AXS stares at 30% correction

  • Axie Infinity price retraced 29% from its all-time high at $49.68 and is attempting another leg-up.
  • AXS is likely to correct another 30% to $28.12 from its current position before a new uptrend.
  • A decisive 12-hour candlestick close above the all-time high at $49.68 will invalidate the bearish outlook.

Axie Infinity price is currently experiencing a pullback as it underwent another exponential upswing. The resulting retracement could extend up to the trading range’s mid-point before new leg-up kick-starts.

Axie Infinity price awaits catalyst

Axie Infinity price rallied from $2.8 to $29 in 22 days and experienced a sharp 50% pullback. This downswing was followed by another exponential 252% upswing to a new all-time high at $49.68.

Interestingly, the Momentum Reversal Indicator (MRI) flashed a sell signal in the form of a red ‘one’ candlestick, indicating that the reversal in trend is likely. This technical setup forecasts a one-to-four candlestick correction.

Although the bulls seem to have disregarded this sell signal, the downswing will eventually come if Bitcoin price continues to retrace.

The $34.88 level is the first line of defense. Breaching this barrier will push AXS down to $28.12, extremely close to the 50% Fibonacci retracement level at $26.30. A move to $26.30 would constitute a 30% crash from the current position, $41.25.

AXS/USDT 12-hour chart

AXS/USDT 12-hour chart

Investors can expect a reversal around $28.12 or $26.30, leading to a new run-up, which could potentially retest the all-time high at $49.68.

However, if the correction shatters $26.30, it will invalidate this bullish thesis and trigger a potential 28% downtrend to $18.29.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.