Avalanche(AVAX)
Avalanche price was all set to begin the fresh weekly trade on a significant upswing but eventually ended up draining the price. The AVAX price was above both 55-day MA and 200 day MA levels and quickly the price was pushed towards the south quickly towards $70. However, the price just broke from the symmetrical triangle asserting the resurgence of the bullish trend at the earliest.
The AVAX price with building momentum piling up the AVAX price may rebound towards $73 initially and later range high towards $81. However, on the contrary, if the price fails to mount a buying pressure, a suitable selling volume may nullify the bullish impact if any. And hence the price appears to be primed to hit $50 or even lower around $46.
Axie Infinity(AXS)
Axie Infinity price also breaks down through a critical threshold. Moreover, the asset is also primed to test the lower support at around $40 if the DXY continues to strengthen. However, the price is expected to drop closer to $30 where-in the bulls may make their grand entry.
After consolidating hard after shedding huge gains, the AXS price broke down from the pivotal levels indicating a bearish trend. It, however, tried a couple of times to break through the consolidation but failed to do so. And hence the descending consolidation may continue ahead which may lead the price for another 30% plunge very soon.
However, until Bitcoin’s price show signs of weakness, the price of the altcoins tends to shed their gains at the maximum. And hence unless the market trend changes a little no particular upswing may be expected from the crypto space.
Was this writing helpful?
Source: https://coinpedia.org/altcoin/avalancheavax-axie-infinityaxs-price-poised-to-tank-by-nearly-30-each-whats-next/