Axie Infinity Investors Face Bearish Conditions
As an investor in Axie Infinity (AXS), you may be facing challenging market conditions as the price continues to face downward pressure with existing losses likely to intensify. Here’s what you need to know:
Axie Infinity Investors’ Concerns Skyrocket 📉
- Less than 11% of all AXS holders are currently in profit due to the ongoing price drawdown.
- A bearish market environment is heavily impacting the altcoin, leading to the lowest profit percentage for gaming token investors in eight months.
- Investors may be prompted to sell to mitigate losses, potentially worsening the price decline for AXS.
Chaikin Money Flow (CMF) Indicator Reflects Market Conditions 📉
- The CMF indicator, which measures buying and selling pressure, is at a yearly low.
- A negative CMF signals selling pressure, indicating significant outflows of capital in the market.
- This selling pressure could hinder any potential recovery in the AXS price.
Anticipating a Price Breakdown for AXS 📈
- AXS is currently forming a head and shoulders pattern, a classic bearish indicator.
- This pattern often precedes substantial price corrections, potentially leading to a 96% decline for AXS.
- A more realistic scenario suggests a drop to $4.0, a historical support level for the altcoin.
Options for AXS Price Recovery 🔄
- If AXS bounces back from the $5.3 support level, it could initiate a recovery phase.
- Reclaiming $7 as support would invalidate the bearish outlook and spark a rally for the gaming token.
Hot Take: Brace Yourselves for Further AXS Losses 📉
As a savvy investor, it’s crucial to monitor market trends and make informed decisions regarding your AXS holdings to navigate the current bearish conditions effectively.
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