Tuesday, May 17, 2022
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The NFT space is undergoing extreme price variations ever since the traders shifted their focus from the NFTs to the traditional cryptos. And since then the AXS price continues to showcase a weakened rally as it continues to maintain a notable downtrend. A significant 30% plunge is awaiting down the line and the strong support levels coincide with the $30 mark. 

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Following a notable downtrend, the price needs to initially test the first line of defence which is along the September 2021 lows at $48.1. If the asset fails to hold at these levels, then the next support levels at $43.29 may be tested effectively. Moreover, before heading towards the $30 target, the last hope would be at the $37.36 range. 

On the contrary, if the buying pressure intensifies, then the AXS price may initially aim at the levels beyond $50, in between $53 to $55. 

AXS Price Downtrend Continues

As mentioned in the chart, the AXS price is trending within a descending parallel channel ever since it smashed its highs above $150. Very quickly the asset lost the grip over the bullish momentum and plunged heavily.

Interestingly, the support levels are not much distinct and hence if the upper support levels are broken, the lower ones could be tested in no time.

However, following the parallel channel, the asset could showcase a short-lived uptrend which may eventually result in a deep plunge.

The only way for the Axie Infinity to escape from the bearish trend is to end the current consolidation on a bullish note. And surge above $55 levels at the earliest is when the asset may invite huge buying volumes to ignite a notable upside trajectory.

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