Axie Infinity price keeps sight on $190 as AXS bulls not ready to give up yet
- Axie Infinity price remains on track to hit new lifetime highs near $200.
- Symmetrical triangle breakout on the 12H chart opens doors for more upside.
- AXS price to face initial resistance at $164.85 and immediate support at $137.64.
Axie Infinity price is back in the red this Sunday, snapping its three-day uptrend from five-day lows of $117.38 reached Thursday.
AXS bulls are losing conviction after reaching the all-time highs of $164.85 on Friday, as they contemplate the next move amid a better mood across the crypto space.
Axie Infinity rose 16% over the week in a big metaverse bet by traders. This comes after Facebook rebranded itself "Meta", announcing that it going all-in on building the metaverse.
Axie Infinity price down but not out, as fresh record highs eyed
Axie Infinity price is retreating from higher levels, currently trading around $141, down 5% in the last 12 hours.
The bullish potential, however, remains intact after AXS price confirmed an upside breakout from a symmetrical triangle on the 12-hour chart on Friday.
The technical breakout calls for a rally towards the pattern target aligned at $192.37. Therefore, any retracement in AXS price is likely to be quickly bought into.
The south turn in the 14-day Relative Strength Index (RSI) justifies the pullback in Axie Infinity price but that could be brief, as the leading indicator still sits comfortably above the midline.
Immediate resistance is seen at the $150 psychological level, above which the record highs of $164.85 could be retested.
Adding credence to the move higher, a bull cross remains in play, in response to the 21-Daily Moving Average (DMA) and 50-DMA crossover for the upside seen Friday.
AXS/USD 12-hour chart
Alternatively, the triangle resistance-turned-support at $137.64 will offer an immediate cushion to AXS buyers.
On selling resurgence, the upward-pointing 21-DMA at $131.08 will be on the bears’ radars.
Axie Infinity sellers will then lookout for the next downside target at $127. The line in the sand for AXS optimists will be the triangle support line at $123.52.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
