The price movement of AXS continues on a bearish course. In addition, profit-taking and the general weakness of the crypto market continue to affect gaming tokens and metaverse asset classes.
Axie Infinity price could consolidate for a few days before determining its main trading direction. The second high-volume node in the Volume Profile at $ 70 has created an area of support for AXS, but it remains to be seen whether that will be enough to prevent further selling pressure.
The distance between the daily body and the Tenkan-Sen may temporarily limit the depth of the drop, but it might just be a pause before another drop begins. The volume profile narrows significantly between $ 65 and $ 50, where AXS price is expected to find the next big support.
The $ 50 value zone is important for several reasons. First, it’s a significant psychological number. Second, there is a high volume node between the $ 45 and $ 50 value zone. Third, the next fib retracement level (38.2%) is $ 46. When AXS finally falls below $ 65, the $ 50 value zone will prevent any further bearish momentum.
USDT daily Ichimoku chart.
The bulls will need to push AXS price to close above the daily Kijun-Sen at USD 95 to break the current downtrend.
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