• 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.

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.

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