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Crypto strategist with the nickname Jack believes that the token of the blockchain game Axie Infinity (AXS) is waiting for a sharp corrective movement
According to him, AXS shows a serious reversal structure that promises a huge sell-off in the future:
“AXS will go down to $15.9, which indicates the general market sentiment. In the cryptocurrency space, tokens like AXS, which are among the most speculative, are starting to lose heavily, especially considering that the price has already collapsed by 75%.”
As Jack pointed out, AXS forms a large head and shoulders pattern (which is what traders use to spot potential bearish reversals).
For Bitcoin, the crypto strategist believes a short-term rebound is possible, but expects a resumption of the bearish trend:
“I expect a rebound to $42,000 and further decline. Loss of the $39,000 level will lead to a rapid fall in the exchange rate”
Losing the $39,000 level will break some of the bulls, Jack said, accelerating the sell-off to the $35,000 target.
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