AXS enters bear market conditions, risks drop to $ 50

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.

AXS finds temporary support at $ 70, but …

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page