• Axie Infinity price shows hints of some attempts at a bullish breakout, possibly countering the broader cryptocurrency market.
  • Downside risks remain, but few altcoins have a chart setup that would support a bullish move.
  • A powerful Point and Figure chart pattern could trigger an explosive move higher.  

Axie Infinity price can rally for a 20% gain if a split-triple top pattern in Point and Figure analysis is broken. However, danger caution should remain if the broader cryptocurrency market continues to weaken and becomes exceedingly bearish.

Axie Infinity price could spike to $82 could see outperformance of Bitcoin and Ethereum

Axie Infinity price has a rare Point and Figure chart pattern developing known as a Split Triple-Top. The triple-top will develop if buyers push Axie Infinity to $70. Thus, the hypothetical entry would be $71 with the risk limited to $68 and the hypothetical profit potential at $82.

Again, Axie Infinity is one of the rare altcoins that has the potential to achieve a bullish breakout amidst any broader bearish sentiment. However, there is a bearish scenario for Axie Infinity price that would terminate any near-term bullish sentiment – and the move on the short side is considerably larger than any upside potential.

AXS/USD $1.00/3-box Reversal Point and Figure Chart

Another highly sought out pattern by Point and Figure traders is the Bullish Fakeout Pattern. For this pattern to remain valid, Axie Infinity price can’t move above the $69 level. If new O-column prints and forms a double bottom at $63, then a hypothetical entry at $62 would confirm the Bullish Fakeout Pattern. The hypothetical target zone for bears is a massive drop down to $40.

Like this article? Help us with some feedback by answering this survey:

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!