• Axie Infinity price action and its overall trend remain the envy of most cryptocurrencies.
  • Little signs of weakness or profit-taking on the daily chart.
  • A move below the Kijun-Sen to test the Senkou Span B (strongest support) level is increasingly likely.

Axie Infinity price is little changed since hitting its new all-time high on October 4th. It has dropped below the Tenkan-Sen, but it remains above the Kijun-Sen and has found support against that level over the past two days.

Axie Infinity price enters consolidation; future buyers wait for a discount to re-enter

Axie Infinity price is nearing a vital time cycle within the Ichimoku Kinko Hyo system. The Kumo Twist (Future Span A crossing above/below Future Span B) occurs on October 15th. One of the phenomena of the Ichimoku system is the high probability of an instrument to find major or minor highs and lows near the Kumo Twist – especially if there has been a strong trend immediately preceding that date.

If Axie Infinity price were to experience a temporary move south, that would mean a likely break of the Kijun-Sen at $1.06. Below $106 is the most substantial support level in the Ichimoku system: Senkou Span B at $70. However, the Kumo Twist is an area where the Cloud is at its weakest and thinnest. Therefore, buyers will want to be careful of adding to Axie Infinity near the $70 level, especially if it is trading near the Kumo Twist itself. There is a threat that price could fall right through the Kumo Twist and move to the $50 range.

AXS/USDT Daily Ichimoku Chart

However, give the strength of Axie Infinity price and its resilience during the most recent weakness seen in the crypto market over the past couple of days, it is entirely probable that Axie Infinity would not see a drop. The Kijun-Sen is very flat, and that represents difficulty in moving price lower.

Bulls will want to watch for a move that positions Axie Infinity price above the Tenkan-Sen as this could trigger another upswing that would see Axie Infinity price make another move to new all-time highs – likely the $200 level.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP