- Axie Infinity price has been in a pennant formation since October 21 and looks set for a bullish outbreak.
- With the RSI going to more neutral levels, bulls have the upper hand to add more buy-side volume to AXS price.
- Once above $150, bulls will be able to test $161.50 and possibly make new all-time highs.
Axie Infinity price (AXS) has not been making any new highs since October 4 when the price started to consolidate inside a pennant formation. With bulls awaiting the proper discount to rejoin the uptrend, the pennant looks ripe for a bullish outbreak. Following the break out, a retest of the all-time highs looks more than likely, with a possible new record high achieved.
Axie Infinity price sees support above $120, targeting $161 and new record highs
Axie Infinity price started its uptrend around September 21, which has so far resulted in 221% gains.. Recently AXS price has faded a bit under some profit-taking, now the current pennant formation looks ready to give bulls another shot at making new all-time highs. With the Relative Strength Index (RSI) firmly in the neutral zone, bulls can easily add large chunks of buy-orders to their portfolio without fear of pushing the RSI into overbought territory.
AXS price needs to stay above $120 in order for bulls not to get stopped out of their longs. After that it could pop higher towards $150. At $150, a new all-time high will be within grasp. Expect a possible $170 to be tested, but expect a quick return to $150 as this uptrend will start to lose steam and see quite some considerable profit-taking.
AXS/USD daily chart
Should the pennant break down in favor of bears, expect a break below $120. That would see bulls fleeing the scene as their stops got hit. A break below $111 would open the door for a sharp nose dive towards $85, which would mean that almost half the rally had been retraced. However, this would also provide some interesting levels to pick up AXS price at a discount.
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.