• Axie Infinity price is consolidating inside an ascending triangle pattern, expecting a bullish breakout.
  • A decisive close above $80.10 will confirm a breakout and trigger a 20% upswing.
  • If AXS bulls fail to hold above $64.74, it will put an end to the bullish outlook.

Axie Infinity price has been on an exponential run since July and shows no sign of stopping or major corrections. Now, AXS is consolidating in a pattern with a bullish bias and hopes to set up new all-time highs.

Axie Infinity price yet to explore new highs

Axie Infinity price roughly set up three swing highs and multiple higher lows since August 15. Connecting these swing points using trend lines reveals the formation of an ascending triangle pattern. 

This technical setup forecasts a roughly 20% upswing, determined by measuring the distance between the first swing high and low. Adding this distance to the breakout point at $80.10 reveals the target at $95.87.

Therefore, it is crucial for the bulls to produce a decisive close above the horizontal resistance level at $80.10 to have any chance of trending higher. Any move beyond the all-time high at $83.47 is a price discovery mode and has no resistance whatsoever, which indicates that the climb to $95.87 will be swift.

AXS/USD 9-hour chart

AXS/USD 9-hour chart

On the other hand, it is possible for the bulls to fail to shatter the horizontal resistance at $80.10, leading to a retest of the lower trend line.

If Axie Infinity price creates a lower low below $73.42, which coincides with the ascending triangle’s lower trend line, it will indicate a bearish breakout and likely trigger a crash to the subsequent demand barrier at $68.63. 

While this move might appear bearish, a breakdown of the $64.74 support floor will invalidate the bullish thesis.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

The United States unemployment rate for January came in at 3.4% which is lower than forecast of 3.6%. The Nonfarm Payrolls (NFP) data shows that 517,000 jobs were added in January, which is much higher than the expected 185,000.

More Bitcoin News

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano (ADA) price has succeeded in breaking above key levels near $0.39 as the pivotal historical level at $0.388 and the 200-day Simple Moving Average (SMA) all got broken to the upside with the Federal Reserve meeting on Wednesday.

More Cardano News

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday.

More Ethereum Classic News

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings

More Bitcoin News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP