Axie Infinity (AXS) price continues to decline sharply. The Fibonacci and Elliot Wave Theory suggests a low of $1.00. Polygon (MATIC), on the other hand, jumped more than 43 percent from its lows. Looking at ApeCoin (APE), it seems that it somehow got rid of the huge selling pressure that affected the entire cryptocurrency market. Analysts examined these three altcoin projects, made technical price analyzes and determined the levels that they can see in the near future. As Kriptokoin.com, we are presenting the analyst views and the expected levels for these three altcoins:
Axie Infinity (AXS)
Axie Infinity price could potentially drop further without seeing a definite market bottom. Axie Infinity price printed three clear impulsive waves. The Elliott wave theory suggests that a 50 percent to 61.8 percent retracement level usually occurs after seeing three sets of impulse waves. A Fibonacci retracement surrounding all-time lows and all-time highs suggests a 61.8% retracement level around $1.
AXS price could be forming a corrective chart towards $1.00. There may be counter trend ups before the target is reached, but overall the $1.00 price level is a possible target for long-term traders not interested in intraday trading. The best confirmation for the end of the current decline would be a breach of $44.42. If this price surge occurs, the bulls could invalidate the downtrend and send AXS price back to $88. This could result in an increase of around 200 percent from the current AXS price.
Polygon (MATIC)
More upside potential of MATIC is likely to continue, but downside risks remain a cause for concern. MATIC price is preparing for a strong pullback on the daily and weekly Ichimoku indicators. As a result, the bulls should have a relatively clear way to test the critical $0.80 level before testing $1. For MATIC, a buy stop of $0.76, a stop loss of $0.71 and a profit target of $1.03 can be set. Due to the gap between the entry and the projected profit target, a trailing stop will help protect any profits made after entry.
First, there must be a break above the triple top, this is a very important bullish event. However, the breakout cannot exceed three boxes above the triple top. Next, the price action should reverse without breaking and create another column of Os. However, this Os column cannot fall under the previous Os column. Finally, the last column of X’s is formed and the entrance is at the break above the double top. What makes this pattern powerful is how it affects short sellers. Short traders who see the start of a rally after breaking out of a key resistance level have good reason to open new shorts or add to existing ones. There are also downside risks. The immediate threat for MATIC price is a continued move to the next high volume node in the 2021 Volume Profile at $0.38.
ApeCoin (APE)
ApeCoin signs of diminishing buying near critical resistance levels could halt any upside momentum. ApeCoin price action on the Ichimoku indicator is in a very clear bearish trend. Ideal Bear remains in the Ichimoku Breakout and technically marks the first pullback since falling under the Ichimoku Cloud. ApeCoin bulls will have to contend with the strongest resistance between $11 and $12.75. The resistance levels between $11 and $12.75 are as follows:
- Daily Tenkan-Sen: $11
- 50% Fibonacci retracement: $11150
- Bottom of Ichimoku Cloud (Senkou Span A) $11.68
- Top of Ichimoku Cloud (Senkou Span B) $12.75
If ApeCoin price can close at or above $12.75, the path to a new uptrend becomes significantly easier. However, a Kumo Twist on May 15 could mark a minor upside and end any upside potential for ApeCion price. Additionally, even if ApeCoin price closes above $12.75, the Ideal Taurus Ichimoku Breakout will not be confirmed. For an Ideal Ichimoku Ascension marking a long ascension expansion phase – the APE should close above Kijun-Sen and the Chikou Expansion should be in open space. This will not happen until ApeCoin price has a daily close of $23.85 or above.
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