Crypto Price Analysis: Terra Classic, Filecoin, Axie Infinity Price Fly High

The post Crypto Price Analysis: Terra Classic, Filecoin, Axie Infinity Price Fly High appeared first on Coinpedia Fintech News

Terra Classic (LUNC) 

Terra Classic is approaching the end of the yearly trade, marking the lowest levels ever since it was rebranded and separated from Terra. The price is closer to adding up another zero in its value after facing rejection from interim highs around $0.00014106, in the past few days. 

The LUNC price is now approaching the pinnacle of the falling wedge consolidation which is largely believed to be bullish in the long term. Meanwhile, the RSI of the token is also raising after rebounding from the lows, indicating the revival of a possible bullish trend ahead. With a bullish breakout, which may happen in the first few days of 2023, may hit the last point of defence at $0.00001

Further a rebound high to reach levels above $0.000015 initially and later try to test the levels close to $0.00002

Filecoin (FIL) 

Filecoin after the gigantic fall in the recent past has been consolidating within a very narrow range and flashes the possibility of pulling a massive leg down very soon. The FIL price has formed a clear bearish flag which appears to have reached the pinnacle of the consolidation. If the price experiences some weakness, then the price may drop heavily, testing the lower support close to $2. 

The filecoin witnessed a sudden spike in trading volume but woefully it was largely dominated by the bears. Hence, the price witnessed a drastic decline of more than 28% in just a couple of days. Presently, the volume has again dropped almost to its initial levels, which has forced the price to consolidate within narrow ranges. 

However, a hefty compression usually leads to a massive breakout which may be due in the coming days. 

Axie Infinity (AXS) 

Much similar to other cryptos, Axie Infinity also witnessed a steep descending trend before the beginning of 2022. The price underwent a magnificent rally in during Q4 2021 and marked highs beyond $166. Woefully, the price dropped by more than 96% during the bear market which followed immediately after it marked its highs. 

Presently, the AXS price is approaching the pinnacle of the bearish consolidation due to which a fresh descending trend may be ignited very soon. 

The bulls and the bears are equally displaying their strength, and hence the volatility remains pretty low. Meanwhile, the bulls fail to accumulate the needed bullish push, depending on which they may nullify the bearish impact of the pattern formed. Therefore, the AXS price may soon drop below the crucial support level of $6 and drop down heavily to test the last line of defense at around $3.

Here the Axie Infinity price may receive a trigger to bounce back and lay down a significant upswing to reclaim the levels back above the interim resistance.