About a week ago, there was a lot of bearish commentary around Axie Infinity (AXS). At the time, analysts were predicting nearly 31% in downside risk after the chart appeared to enter a bearish pattern. In fact, estimates were looking at a massive correction that would send AXS to around $65.96. Here is how things looked:
Analysts were concerned that if the coin breaks below $95.41, then a full below correction was on
But the possibility of a bullish trend remained as long as AXS broke above $105
AXS fell below $95 but managed to pair up some losses to hit $97 when we published&
Data Source: Tradingview.com&
Is the Correction Still a Possibility &- Price Action and Analysis
The simple answer here is yes. Downside risks are still very serious, and Axie Infinity could still decline to around $65. The key support right now is at $95.25, which we are watching closely. AXS did drop lower than the support level but it managed to bounce back.&
However, it’s still dangerously close, and considering the headwinds we have seen in the market of late, it won’t be a surprise if in the coming days AXS declines below the $95.24 mark.&
But The coin could still have a bull run of sorts albeit it seems a bit unlikely. For this to happen, bulls need to test the upper resistance of $105.3 and sustain it for some time.
Should You Buy Axie Infinity Now?
Although AXS is not in a downtrend right now, there is enough evidence to suggest that a dip is well and truly on the cards. It would be best to wait at least a few days to see how the price action develops. If indeed the coin pushes below its $95 support, then chances are a dip-buying opportunity will arise very soon.
The post Are We Seeing an Axie Infinity Correction? What To Expect as An Investor? appeared first on Coin Journal.
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