- Axie Infinity saw its price falling beneath the 50% retracement area and currently bounces off the $45.93 range low.
- Market players may expect a 15% fall towards $55.11 as bullish resurface.
- A 4hr candlestick close under $44.27 will cancel AXS’s bullish thesis.
Axie Infinity (AXS) has seed downside trends since printing its range peak on 7 February. The latest market crash escalated AXS’s retracements, but bulls appear ready for a comeback. Nevertheless, broad market sentiment remains vital for the token’s directional bias.
Axie Infinity to Recover Losses
Axie Infinity saw a 56% rally from 4 February to 7 February, printing a range stretching between $45.93 and $72.01. The range peak matches with the weekly resistance zone. That makes it challenging to overcome the territory.
Bulls’ exhaustion appears to have catalyzed massive retracement, and the alt rebounds from the $45.93 range low. For now, market players may capitalize on the awaited upward action. Axie Infinity will meet its initial hurdle around the $55.11 barrier, highlighting a 15% potential gain. Nevertheless, AXS can hardly reverse from this value point. Therefore, the crypto can extend the downside moves, retesting the 50% retracement mark at around $58.97. That would translate to a 21% upside move.
Meanwhile, Axie Infinity can witness a 15 to 20% gain if its rebounds from the range low.
Though optimistic, Axie Infinity’s price bounce relies on Bitcoin’s price movements. That is because BTC influences the overall market sentiment. AXS will see negative trends if the world’s largest crypto fails to sustain a bullish outlook. That way, Axie Infinity can produce a 4hr candle close under $44.27, invalidating the optimistic thesis.
Such cases might see AXS retracing towards the weekly support barrier of around $37.66. Buyers can gang up at this level to trigger a comeback. While publishing this content, AXS trades at $49.90, following a 4.7% drop over the previous day. Moreover, the altcoin reflects the global market’s bearishness.
Meanwhile, the AXS platform touched $4.14 billion in total trading volume. Remember, Axie Infinity is the 3rd-largest non-fungible tokens network as far as all-time sales are concerned.