Dogecoin (DOGE) price has been struggling to explode for nearly a year. Attempts to disrupt this upward order have been going on for the golden week. If successful, this could trigger massive gains for early traders, but a failure could precipitate a sharp crash. Axie Infinity (AXS) price, on the other hand, continues to slide below the $30 area and towards the $28 range, however, volume continues to rise at these lows. As Kriptokoin.com, we convey the important levels and analyst views on the DOGE and AXS charts.
Wedge view descending on the Dogecoin chart
Dogecoin price action has dropped nearly 85% from its all-time high of $0.740 to the currently traded dollar. Combining these swing points using trendlines on the Dogecoin weekly chart defines the descending wedge pattern. This technical formation marks a 68 percent rise, or $0.217, which is achieved by adding the distance between the initial high and low swing point to the breakout point. After six failed attempts, DOGE is back to retest the $0.109 to $0.124 weekly demand zone. Considering the bearish trend of the crypto markets, if this drop breaks the $0.109 level, it could lead to a disastrous collapse.
Such a move could trigger a 30 percent pullback towards the $0.078 level, where buyers might step in. This move will invalidate the ascending thesis of the descending wedge. Worse, a break of $0.048 on a weekly timeframe could be a pivotal point. This move could trigger a further 70 percent drop due to the fair value gap stretching from $0.041 to $0.014. A weekly candlestick above $0.159 on the Dogecoin chart confirms a bullish breakout. This development will also invalidate the bearish thesis and trigger a move that retests $0.217.
Axie Infinity continues to grapple with issues
Looking at Axie Infinity, it continues to grapple with several issues preventing it from returning to its peaks. AXS is still experiencing a significant drop in users, the cost remains high for existing and new players, and the Ronin Network hack of March 2022 is still hot. Axie Infinity price seems likely to drop further by breaking current 2022 lows to test the psychological $20 value area. $20 also includes the 61.8% Fibonacci retracement and includes the previous high volume node in the 2021 Volume Profile Below $20 things get tough.
There is hardly any history of transaction volume between $20 and the next high-volume node at $8 in the Volume Profile. With all the bearish fundamentals, a worldwide sense of risk aversion and an increasingly competitive space, AXS has a near impossible path to recovery. However, significant volume has returned to AXS since May 6. The result of increased volume created a new high volume node in the 2022 Volume Profile. The new high-volume node at $30 is important because it is the fastest growing high-volume node for 2022. If the bulls can hold $30 and complete a close above $35, the wide gap in the Volume Profile suggests that Axie Infinity price could move quickly to retest $50.
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