- Axie Infinity price is coiling up inside an ascending parallel channel, suggesting an impulsive move on the horizon.
- A decisive close above $70.60 will confirm the breakout and propel AXS to $80.23.
- If the $61.10 support floor is shattered, it will invalidate the bullish thesis.
Axie Infinity price is coiling up inside a pattern and hints at a breakout to the upside. A convincing close above a crucial barrier is likely to trigger the start of a short-term rally.
Axie Infinity price contemplates a move higher
Axie Infinity price set up two swing lows and three swing highs since September 7. Connecting these swing points using trend lines shows the formation of an ascending triangle pattern. This technical formation forecasts a 13% upswing to $80.23, obtained by adding the distance between the first swing high and low to the breakout point at $70.60.
Therefore, it is imperative that the bulls flip this resistance barrier into a support floor to have any chance at a quick run-up.
From its current position, this climb would represent a 20% ascent. Although $80.23 is a stiff supply barrier, an increased buying pressure here could allow AXS to slice through it and tag the $85.15 swing high.
AXS/USDT 4-hour chart
On the contrary, if the buyers fail to push Axie Infinity price to slice through the $70.60 resistance level, it will indicate weak bullish momentum coupled with strong selling pressure. Such a combination could prove to be fatal if it pushes AXS in the opposite direction.
If the resulting downswing produces a decisive 4-hour candlestick close below $61.13, it will create a lower low and invalidate the optimistic narrative detailed above.
In that case, Axie Infinity price could explore the lower target at $57.92 or the September 7 swing low at $56.45.
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