- Axie Infinity seems primed for a 13% fall as the remittance coin nears a vital support line.
- Slicing beneath $75.07 might translate to further falls to $66.61.
- AXS might secure footing at $72.20 before plunging further.
Axie Infinity (AXS) remains vulnerable to downtrends if the altcoin fails to keep a critical support zone. Slicing under $75.07 might mean trouble for AXS bulls as the primary technical pattern suggests a 13% drop towards a value level of $66.61.
AXS Bears Eye $66 Next
Axie Infinity price created a climbing wedge setup on the four-hour chart, indicating a bearish bias for the altcoin. For now, AXS nears a crucial defense line around the prevailing chat pattern’s lower boundary at $75.07.
AXS slicing under the mentioned support area might mean a 13% downward move towards $66.61. The altcoin might drop lower to 50 4Hr Simple Moving Average around $74.34 before sliding to hit 78.6% FIB retracement zone of $72.20, the level standing around the Momentum Reversal Indicator’s support line.
Additional selling momentum might have AXS falling to the 9 January low of $68.86 before the token attains the prevailing chart’s bearish target at $66.61, matching the 19 September peak.
AXS bulls may step up to reversing the underperformance period. That will see the alt meeting the immediate resistance zone at the 61.8% FIB retracement mark of $77.68. The level matches the 21 4Hr Simple Moving Average.
The altcoin might encounter other hurdles at 100 4hr Simple Moving Average around $79.47. The next one at 50% retracement mark near $81.53 before buyers aims the governing technical setup’s upper border at $85.53, the level where 38.2% FIB retracement zone sits.
For now, Axie Infinity bears appear ready for a 13% drop to explore levels at $66.61. The alt might discover a footing at $72.20 before AXS encounters further falls.
Meanwhile, the overall crypto space has witnessed bearish dominance since yesterday. The global cryptocurrency market capitalization recorded a 2.09% 24-hour loss to $1.99 trillion. Maintaining such developments will mean Axie Infinity bears attaining their bearish aim. Meanwhile, Bitcoin sustains losses, trading around $41,787 at this publication.
Stay tuned for more cryptocurrency updates.
Editorial credit: TongRoRo / shutterstock.com
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