- 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
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.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?