The cryptocurrency market has experienced corrective price movements recently, significantly impacting the popular metaverse coin project Axie Infinity (AXS).
As a result, AXS has retreated from its all-time high (ATH) level by 60%, with ongoing selling pressure as trading volume weakens.
According to experienced analyst Jonathan Morgan, if AXS continues to show notable gaps between the bodies of its candlesticks and the Tenkan-Sen line, a price jump could be anticipated.
At present, AXS has found temporary support at the $70 mark. Analysis shared by Metaverseplanet.net, originally by Jonathan Morgan, suggests that AXS might undergo a period of consolidation before determining its price trend direction.
The second largest high volume node at $70 on the Volume Profile has created a support zone for AXS. However, it remains uncertain if this will be sufficient to counteract further selling pressure.
The gaps between the bodies of daily candlesticks and the Tenkan-Sen line might temporarily restrain how low the Axie Infinity price can go, but this could also potentially be a brief pause before another potential price drop.
The Volume Profile for Axie Infinity (AXS) shows a significant thinning between $65 and $50, indicating that this range is where the next primary support zone is likely to be established. The $50 mark is crucial for several reasons.
Firstly, it represents a significant psychological threshold for investors. Secondly, there is a high-volume node in the $45-$50 value area, adding to its importance as a support level. Thirdly, the closest Fibonacci retracement level (38.2%) is situated at $46, reinforcing the significance of this area.
Should the Axie Infinity price fall below $65, the $50 value area is expected to act as a barrier against further bearish momentum.
For a shift in the current bearish trend, bulls would need to drive the price of Axie Infinity above the daily Kijun-Sen and achieve a close above $95. This movement would be necessary to negate the prevailing downward trend and potentially signal a turnaround in the coin’s market performance.
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