- Axie Infinity price rallied 56%, slicing through a declining trend line after two months.
- As AXS consolidates, there is a good chance AXS will trigger a 46% ascent to $81.54.
- A breakdown of the range low at $45.93 will invalidate the bullish thesis.
Axie Infinity price exploded last week as it embarked on a massive run-up. This rally flipped a crucial hurdle into a foothold, signaling a major breakout. Therefore, investors can expect AXS to continue this upswing after a brief period of consolidation or retracement.
Axie Infinity price eyes higher high
Axie Infinity price formed a base around the $44.27 support level, triggering a 56% uptrend. This move set up a swing high around the weekly resistance barrier at $71.69 on February 7 after flipping the two-month resistance barrier into a support level.
Since then, Axie Infinity price has retraced 14% and is currently retesting the recently flipped declining trend line. An uptrend is likely to originate as AXS bounces off the support level, but market participants should be prepared for a retest of the 62% or 70.5% retracement levels at $55.81 and $53.60, respectively.
A bounce off the $53.60 foothold is likely to lead to a slice through the $71.69 hurdle and retest the next blockade at $81.54. This move would constitute a 46% ascent and is likely where the local top is capped for Axie Infinity price.
AXS/USDT 6-hour chart
On the other hand, if Axie Infinity price continues to free fall, it will retest the range low at $45.93. A bounce off this barrier could recover the losses, however, a six-hour candlestick close below it will create a lower low, invalidating the bullish thesis.
In such a case, Axie Infinity price could revisit the $44.27 support level and attempt another uptrend.
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.