Chainlink, Axie & Polygon — Asian Wrap 18 Nov

Chainlink price action faces increased profit-taking and broader market uncertainty. A drop below the bear flag has been halted at a strong support zone. A zone that must hold or Chainlink could face a swift descent to $20. Chainlink price is pitted against a powerful inflection point at the $29 level.

Axie Infinity price remains one of the best performing cryptocurrencies of 2021. Its all-time high of $166 was formed last week and now faces profit-taking and a pullback. Axie Infinity price action is very similar to Bitcoin’s and Ethereum’s current price action.

MATIC price continues to push lower, facing the same weakness affecting the broader cryptocurrency market. Significant support zones exist below, but failure to hold that support could trigger a sell-off. MATIC price performed a very bearish price action event last week by returning inside the rising wedge.