The AXS price remains around the 38.2 percent Fibonacci retracement level as the decline continues following a 647.49 percent rise in July.
The volume profile throughout the current downturn shows no signs of dispersion, indicating a positive resolution.
Axie Infinity created a double bottom pattern on the six-hour chart and reclaimed the 50 six-hour simple moving average support (SMA).
The price of AXS plummeted 13.91 percent last week after rising 135.49 percent the previous week, indicating a lack of enthusiasm among the Axie Infinity investor ranks to benefit. Axie Infinity triggered a double bottom pattern on the six-hour chart, indicating that the corrective process may have reached a low this week. Regardless of today's setback, the digital token is poised to break through the magnet effect of the 461.8 percent extension of the cup base at $44.52 and the barrier of the measured move price objective of $51.34.
The AXS price experiences some volatility, but investors maintain a strong hold.
One of the most powerful performances from the end of June through to end-July, the AXS price led to a 1.800% gain and a test for the April-May corrective extension of 461.8% to $44.52 and the cup base's estimated shift objective of 51.24 USD for April to July. Axie Infinity produced many doji candlesticks and fabricated a correction after stalemating the measured shift goal, showing the indiscretion that usually results in an enormous increase.
When the April-May corrective extension evaluated by Axis Infinity for $26.40 was 261.8 percent, the cryptocurrency instantly came to the shape of a flag pattern. So, when important AXS levels of price are assessed, the pullbacks are unavoidable.
The corrective procedure may be finished nevertheless as the AXS price recorded a six-hour graph breakout on August 3rd and recovered the main intra-day support supplied by 50 SMA for six hours at $42.16. The remediation process is now available.
In the previous 13 sessions after testing the increase of 461.8%, the AXS price uncertainty reduced the 38.2% retrospect from the June 2 22 to 35.94 dollars, which is illustrated by a strong volume reduction that means that there is no distribution or an urge to benefit.
AXS prices must close every day above July 27 by close of $ 46.88 for Axie Infinity, which is already on the six-hour chart to activate new rally highs. The price includes a touch of the topside trend line that goes back to $ 128.27, back in November 2020, deliverting a return 173.63% from the close of July 27.
With a daily closure below 38.2 percent, at $32.94, the bullish story will be worthless. It may either predict a more thorough correction or signal a final AXS price peak.
Despite the historical advances, the AXS price was not swamped by the rush to the exit. Axie Infinity chose to drift slowly lower, evacuate the weight of the holders, free up the compression of the price, let the shorter moving averages to recover and formalize the basis of the progress restart.
Axie Infinity investors must be prepared to go up quickly with the AXS price near to the starting price of $46.88. It is uncertain if the cryptocurrency is on the upper side, but AXS prices can provide momentum that is brought near based on history.
Here, the experts of FXStreet analyze where AXS can go as it looks set to go on.
SOURCE: fxstreet
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