• Axie Infinity price stuck in a sideways range for over a week.
  • Two solid support reasons coming in could tilt AXS to the upside.
  • A breakout of the range could give buyers 16% of gains.

Axie Infinity (AXS) price action is range trading, with a 18% bandwidth. A surplus bullish element with the 55-day Simple Moving Average (SMA) coming into play below the current price is helping buyers gain traction and wash out sellers on the upper end of the range. Once through there, it is a quick spurt towards $85.22.

Axie Infinity price range breakout could spell 16% gains for buyers

Axie Infinity price is stuck in an 18% price range between $60.36 and $73.62. Buyers each time pick up AXS at the lower level, placing their stop below $60. On the upside, bears can sell to the buyers booking profit from playing the range trade. 

That said, an upwards force is making its way into the range trade. The 55-day Simple Moving Average (SMA) is on its way to meeting the current price action in AXS. Buyers will use this as another reason to go all-in and try to push out of the price range that Axie Infinity is in. 

Once the breakout is done, buyers will jump in on a second wave, as investors standing on the sideline are waiting for the breakout, queuing to get in the long AXS trade. That second wave of money inflow will quickly ramp price action up towards $85.22, giving the second wave at least gains of 16%.

AXS/USD daily chart

AXS/USD daily chart

Further upside for Axie Infinity looks capped. A new attempt at the monthly R1 at $92 could be possible, but that will depend on the buyers who took profit after hitting $85.22. 

On the downside, a break lower would open the door for some real downside potential. The only fundamental first level of support is at the monthly S1 support level near $44, or 27% lower.

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin price shows signs of consolidation as it produces a potential top formation. While the direction of DOGE is decided, there might be a minor detour before reaching its target.

More Dogecoin News

Solana price action will get boring unless one of these levels is broken

Solana price action will get boring unless one of these levels is broken

Solana price shows a slow takeover of the bears after bulls managed to move the asset higher. Due to Bitcoin’s sudden sell-off, altcoins, including SOL, have taken a major hit.

More Solana News

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Hedera Hashgraph has the potential to rally towards 2000%. Traders should keep the smart contract alternative token on their watchlists and consider a dollar cost average approach for investing.

More Cryptocurrencies News

Is a 75% decline still possible for the Ethereum Classic price?

Is a 75% decline still possible for the Ethereum Classic price?

Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.

More Ethereum Classic News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP