Crypto analyst who goes by the pseudonym ‘Bitcoin Jack‘ on YouTube revealed that he is extremely bearish on Axie Infinity. In a recent price prediction video, the analyst predicted that AXS could experience a sharp yet drastic decline. He claimed that the next few days are the most important for the crypto as there are possibilities of a heavy sell-off event.
Analyst Jack revealed that Axie Infinity is forming a large head and shoulders pattern, which is a formation traders use to spot potential bearish reversals. AXS could slip more than -50% from its present levels of $48 and might slump further from there, he predicted.
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Describing his bearish thesis showing Axie Infinity’s chart, the analyst said. “This would go down the drain so much at least down here [$15.90], which is over 50%.”
AXS’s dip will not come as a surprise he claimed, saying that the general market sentiment is already negative. “This would also indicate to me (the) general sentiment in the market. If coins like this, the most speculative kind of assets in the crypto sphere start puking that much, especially when you consider that this is already 75% (down). It wouldn’t surprise me the least if that happens.”
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You can watch Axie Infinity’s price prediction video from 9:39 minutes by Bitcoin Jack below.
Axie Infinity Performance
Axie Infinity had reached an all-time high of $164.90 in November last year but is now down -70.3% from its ATH. It is also down -23.8% in the last 30-trading days. Add to its burden, its trading volume is also experiencing a decline as it’s down -4.30% in the last 24-hours.
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However, Wallet Investor has painted a balanced forecast for Axie Infinity and predicted that AXS could maintain its price between $38 to $41 for the next 2-weeks. The maximum price it could reach between the next 2-weeks is up to $63, their prediction read.
At press time, Axie Infinity was trading at $48.77 and is up +1.7% in the 24-hours day trade. Its price is currently hovering around the 24-hours high.