Axie Infinity price action offers three reasons for a 50% increase idling nearby

Axie Infinity (AXS) is back on the radar of many investors as a high conviction play with a big incentive outlook. With a possible outlook of over 50% upside potential and plenty of bearish signals across it might be the best altcoin to be in right now. Expect to see an uptrend with the green ascending trend line as guidance and more upside to come.

AXS back in the graces of the traders with these three strong elements

Axie Infinity price is back in the big league and is being picked up by long-term traders and investors for its bullish outlook. Since the end of 2022, bulls have been able to hold the green ascending trend line as the backbone for their rally higher. Secondly, bulls have broken the red descending trend line at the beginning of April with a clear-cut break, test for support and rally higher. 

Last but not least, AXS sees bulls this week planting a bullish flag above both the 55-day and the 200-day Simple Moving Averages (SMAs), opening up the door for starting a Golden Cross soon and underpinning its price action even more. It does not get any more bullish from here as the rally is turning into a long-term uptrend. The first projected profit level on the upside is near $20 with the historic cap bearing a 50% gain.

AXS/USD  Weekly chart    

If some headwinds emerge, bulls could get slammed against the green ascending trend line. In case that even breaks, a very quick sell-off could occur and see AXS collapse all the way back to the low of December. A break below $6 looks inevitable in that process with more than a 20% loss.