Axie Infinity presents buy setup that might see AXS price double
- Axie Infinity is developing one of the most sought-after bullish Point and Figure patterns.
- Upon confirmation of this pattern, the projected profit target range is 100% from the $150 value area.
- Axie Infinity, like other altcoins, is at the mercy of Bitcoin and Ethereum’s overall trend.
Axie Infinity price continues to press higher and create new all-time highs. Some short-term profit-taking is expected, but buying is expected to return to rally Axie Infinity to highs that could double Axie Infinity above its current $150 trading range.
Axie Infinity to double from $150 to $300
Axie Infinity price action is positioned to confirm one of the most potent and sought-after bullish patterns in Point and Figure analysis: the Bullish Catapult. The theoretical long entry is a buy stop order at $175, a stop loss at $150, a profit target at $300. A trailing stop of two to 3 boxes would help protect any implied profit made post entry.
AXS/USDT $5.00/3-box Reversal Point and Figure Chart
Several scenarios would invalidate the long idea. First, if the current column of Os were to drop below $130, that would invalidate the long entry. Second, the long entry is invalidated if a new series of columns begin to print lower highs. Finally, buyers should also pay close attention to Bitcoin and Ethereum for any hints of price action slowing down or attempting a corrective move.
If Axie Infinity price moves to $130, the next support zone to watch is a collection of Ichimoku and Volume Profile support zones between $115 and $122. Holding that value area is necessary to prevent a collapse in Axie Infinity price.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
