Axie Infinity Price Prediction: AXS could be building steam for a new all-time high at $84.70

Axie Infinity price ponders a move higher, but the general cryptocurrency market looks bleak.
A decisive close above $49.89 might set the uptrend in motion, but a failure might result in a retracement.
If AXS shatters the $34.88 support level, it will invalidate the bullish thesis and potentially trigger further downswings.

Axie Infinity price has been a rebel coin due to its relatively recent launch and its breathtaking performance. While the exponential rally has not yielded gasping corrections, investors can continue to be bullish on AXS price.

Axie Infinity price contemplates going another exponential run

Axie Infinity price has held up perfectly compared to its exponential growth, suggesting that a massive portion of the investors are not planning on exiting yet. Moreover, AXS has also not seen a massive pullback after hitting a new all-time high at $53.59 on July 27. In fact, Axie Infinity price has been consolidating, which indicates that a breakout could head in either direction.

Building on this assumption, market participants need to know that a decisive 12-hour candlestick close above $45.91 would indicate a resurgence of buyers and the bulls’ way of telling that AXS wants to head higher.

If the buying pressure pushes the altcoin to successfully shatter the $49.80 resistance level and flip it into a support level, it will confirm the start of a new uptrend.

In this particular case, investors can expect AXS to easily shatter its all-time high and set up a new one after rallying 26% to tag the 127.2% Fibonacci extension level at $67.2 or the subsequent supply barrier at $84.70.

AXS/USDT 12-hour chart

While the optimistic scenario seems plausible based on the assumption, things could reverse if Axie Infinity price fails to climb. If the buyers lack strength, the bears could push AXS to breach the immediate support level at $42.69.

While this move would put a dent in the bulls’ plans, a breakdown of the $34.88 support level will invalidate it and open the possibility of heading lower.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram