Axie Infinity price eyes 45% gain after AXS flips two-month resistance
|- Axie Infinity price rallied 56%, slicing through a declining trend line after two months.
- As AXS consolidates, there is a good chance AXS will trigger a 46% ascent to $81.54.
- A breakdown of the range low at $45.93 will invalidate the bullish thesis.
Axie Infinity price exploded last week as it embarked on a massive run-up. This rally flipped a crucial hurdle into a foothold, signaling a major breakout. Therefore, investors can expect AXS to continue this upswing after a brief period of consolidation or retracement.
Axie Infinity price eyes higher high
Axie Infinity price formed a base around the $44.27 support level, triggering a 56% uptrend. This move set up a swing high around the weekly resistance barrier at $71.69 on February 7 after flipping the two-month resistance barrier into a support level.
Since then, Axie Infinity price has retraced 14% and is currently retesting the recently flipped declining trend line. An uptrend is likely to originate as AXS bounces off the support level, but market participants should be prepared for a retest of the 62% or 70.5% retracement levels at $55.81 and $53.60, respectively.
A bounce off the $53.60 foothold is likely to lead to a slice through the $71.69 hurdle and retest the next blockade at $81.54. This move would constitute a 46% ascent and is likely where the local top is capped for Axie Infinity price.
AXS/USDT 6-hour chart
On the other hand, if Axie Infinity price continues to free fall, it will retest the range low at $45.93. A bounce off this barrier could recover the losses, however, a six-hour candlestick close below it will create a lower low, invalidating the bullish thesis.
In such a case, Axie Infinity price could revisit the $44.27 support level and attempt another uptrend.
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