- AXS plunged under a vital technical support zone.
- Axie Infinity might see another retracement, losing 16 – 30%.
- Expect recoveries back past $85 if the bulls gather for upside action.
Axie Infinity (AXS) appears in a rough condition and accelerated downtrends at the start of this year. Market players seem not interested in the token at its current price zones. For instance, the Relative Strength Index wavers firmly within an oversold region without bullish reactions. As the price opened beneath $70 today morning, it seems like bulls surrendered to sellers. Such situations may see AXS’s price touching the levels at $60.
Axie Infinity Witnesses Bulls Disappearing, More Potential Losses to come
AXS seems to give up the $70 mark at the moment. Though the monthly S1 barrier near $70 and the historical level of $73 seem promising for long position entries, the price function dropped lower today. Meanwhile, bulls encounter the mentioned zone as a resistance, preventing further surges. As market players lack incentive and profit targets, expect the alternative coin to find support downward near $60.
For now, Axie Infinity might be moving against the overall recovery witnessed today. Nevertheless, the bullishness in the market would prevent AXS’s downside moves to $50 as the Relative Strength Index is somehow far within the oversold region, limiting further actions for sellers. As the broad market recovery adds tailwinds, Axie Infinity might prevent accelerated drop since the optimistic atmosphere in the market would slow down or break alt’s declines.
Meanwhile, hopes that AXS might swing back past $75 remain unsupported if the current market recovery storms with delayed impact whenever market players re-engage with cryptos. A break past $73 would witness surged buying volume.
That way, AXS might see a swift move back to $85, where the 200-day Simple Moving Average corresponds with historical value areas. Expect the alt to pause here plus profit-booking, depending on the tailwinds’ strength, before the altcoin launches an attack and potentially breaks past 1 December descending trend-line.
What are your views on AXS’s current situation? Will bulls defend further drops from the altcoin? You can leave a reply in the section below.
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