Cryptocurrencies Price Prediction: Axie Infinity, Decentraland & Binance Coin — Asian Wrap 11 Feb

FXStreet Team FXStreet

Axie Infinity price consolidates ahead of breakout to $80

Axie Infinity price faced intense selling pressure during the release of U.S. CPI data. The data was higher than expected, and fears of the Fed introducing higher rates returned, but those concerns were already known. As a result, the initial selling pressure across all risk-on markets resulted in a massive ‘buy-the-dip’ opportunity for AXS longs.

Decentraland price must hold key support to avoid correction to $2.70

Decnetraland price action has tested the bottom of the Ichimoku Cloud (Senkou Span A) at $3.15 for the past five trading days as support. $3.15 has thus far held, but the frequency of the tests has caused some concerns for bulls. Substantial downside risks if bulls cannot keep MANA above crucial support zones.

BNB price stumbles after Binance invests $200 million in Forbes

The world’s largest exchange’s latest investment in media and publishing giant Forbes had a negative impact on Binance Coin price. Forbes would use the $200 million investment to merge with a SPAC. Binance announced its $200 million strategic investment in Forbes.

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XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

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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.

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