- 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:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.