- Axie Infinity is firmly trading further away from $73.62.
- AXS price is like other cryptocurrencies under selling pressure in markets fleeing to safe-havens.
- AXS could shed another 20% of market value, with $50 being the level for a bounce.
Axie Infinity (AXS) is no different from other cryptocurrencies today as global markets cannot make a fist against the bearish tone currently playing the lead in sentiment. After a false break above $73.62, AXS price action gapped lower and is on its way to touching $60.36 before possibly dipping another leg lower incurring 20% losses. A bounce off the $50 handle looks to be the next play for bulls, but as markets are in correction mode, it could well not be enough.
Axie Infinity sees bulls waiting for this storm to blow over
Axie Infinity made a false break higher, trapping bulls above $73.62 and squeezing them out of their positions with a sharp opening lower. Global market sentiment does not look to be in a good mood today, going into the weekend. This could further cripple cryptocurrency price action throughout the weekend.
AXS price has a few technical support levels nearby that could contain Axie Infinity losses. First up is $60.36, the low from August 12 which was also subject to some pivotal moves above and below throughout the last quarter of 2021. If that does not hold, another $10 could be lost towards $50, where a historical level and the monthly S2 support level will be able to do the trick and attract investors to stop this decline for now.
AXS/USD daily chart
Markets could make a new attempt to turn the tide and try to book some gains before heading out for the weekend. As several assets are quoting at interesting levels, investors could come in, in a broad scope, buying risk assets to preposition for the next leg higher in the overall uptrend. In such a scenario, AXS price would pop back up above $73.62 and test the waters near the red descending trend line, with a possible break above $85.22 thereby killing the current downtrend for now.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?