Here’s Why Axie Infinity (AXS) Might Witness a Sharp Correction
- Axie Infinity price seems primed for a 31% decline after creating a bearish chart formation.
- Dropping beneath $95.41 might see the altcoin dipping to $65.96.
- Bulls should step up to regain the $105-level to cancel the pessimistic narrative.
Axie Infinity (AXS) price appears ready for a sharp correction as the alt prints a bearish chart sharp, forecasting a 31% fall. The vital support near $95.24 remains significant as crossing beneath this mark will punish bulls.
Axie Infinity Eyes 31% Plummet
The four-hour price chart shows Axie Infinity (AXS) forming a downward triangle, confirming a bearish forecast. The altcoin might see a 31% decline if AXS fails to maintain beyond a critical foothold. Meanwhile, the coin has its initial defense line at the 4 December low of $98.30. If AXS loses this foothold, the digital currency will plummet further, tagging the prevailing chart pattern’s lower boundary at $95.41 – the level connecting 6 December and 11 December lows.
Meanwhile, plunging under the highlighted support might see AXS losing 31% of its price. That would have bears eying the next stop at the descending triangle pattern’s target of $65.96. The altcoin might retest vital defense lines before plunging to the bearish aim.
However, AXS might secure dependable support around the 6 September high of $85.24, then 127.2% Fibo extension zone at $79.58. Additional support might emerge near the 9 September peak of $72.28 before AXS bears try another push lower to the pessimistic aim of $65.96.
If Axie Infinity sees increased buy orders, bulls might wake to battle the closest resistance at 78.6% Fibo retracement zone of $102.33. The alternative coin will encounter an additional hurdle at the descending triangle’s upper boundary at $105.39, matching 50 4Hr SMA.
AXS might experience challenges overpowering this headwind. However, increased buying pressure might have the coin tagging 61.8% Fibo retracement area at $110.19. Furthermore, Axie Infinity can gain the momentum to surge higher towards a 50% retracement zone at $115.71 before aiming the 100 4Hr Simple Moving Average near $118.87. Nevertheless, the current bearish mode in the crypto space might mean a sharp retracement before AXS regains an upward strength.
By TongRoRo – shutterstock.com
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