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Axie Infinity price lacks sufficient momentum, AXS bulls eye a return to $75
Axie Infinity price action shows its recent pump may be fizzling out.
Lack of buyers inhibiting the same bullish reaction much of the altcoin market is experiencing.
Upside potential is likely limited to the $75 value area.
Axie Infinity price action shows some signs of losing momentum near the $55 price level. Apprehension is understandable given the deep retracement. It’s sometimes hard to forget when looking at the day-to-day movements of various cryptocurrencies, but Axie Infinity dropped over 73% from its all-time high in just 79 days.
Axie Infinity price recovery is still in progress, but potential buyers are drying up
Axie Infinity price is at an inflection point. Follow-through buying has seemingly been halted despite the close above the Tenkan-Sen on the daily chart. The upper wicks of the last four daily candlesticks show consistent selling in the $55 range, which is also the top of the current high volume node in the 2022 Volume Profile.
Attention should be given to the large gap in the Volume Profile between the 2022 Volume Point Of Control near $75 and the top of the current high volume node at $55. As a result, the volume traded between those high-volume nodes is thin to nearly non-existent.
In Technical Analysis, the thinly traded gaps between one high volume node to the next represents a sort of vacuum. So, for example, if Axie Infinity price were to move above the $55 level, it will likely get ‘sucked’ up, like a vacuum, to the next high volume node at $75.
$75 is the possible stopping point for any further bullish price action in the near term. Axie Infinity price faces two substantial resistance levels in the $75 value area: the 2022 Volume Point Of Control at $74 and the 50% Fibonacci retracement at $75.50.
However, failure to break out above $55 will likely mean a retest of the 2022 lows near $45.