Corrective price movements felt throughout the cryptocurrency market have pushed the popular metaverse coin project Axie Infinity (AXS) away from the ATH level by 60%. Selling pressure persists as volume continues to weaken. If AXS continues to create significant gaps between candle bodies and Tenkan-Sen, a jump can be expected, according to veteran analyst Jonathan Morgan.
Metaverse coin AXS price finds temporary support at $70
According to Jonathan Morgan, whose analysis we shared as Somagnews, the AXS price may consolidate for a few days before determining the trend direction. The second largest high volume node at $70 in the Volume Profile has formed a support zone for AXS, but it remains to be seen if this is enough to stop further selling pressure. Gaps between the bodies of daily candlesticks and Tenkan-Sen could temporarily limit how low Axie Infinity price can go, but it could be just a pause before another drop begins.
The Volume Profile is thinning significantly between $65 and $50 where Axie Infinity price is expected to find the next primary support zone. The $50 value area is vital for several reasons. First, it is an important psychological number. Second, there is a high-volume node between the $45-$50 value area, and third, the closest Fibonacci retracement (38.2%) is at $46. Finally, if Axie Infinity price dips below $65, the $50 value area should prevent further bearish momentum. The bulls will need to push the Axie Infinity price above daily Kijun-Sen to a close above $95 to invalidate the current bearish trend.