- Axie Infinity price has risen a whopping 107% over the past 72 hours and shows no exhaustion whatsoever.
- A retest of the 423.6% trend-based Fibonacci extension at $157 could set a new all-time high.
- As investors begin to book profits, AXS could head as low as $120.
Axie Infinity price breached a bottom reversal pattern on September 29 and has not looked back even after doubling in value. While a retracement is likely, there is a chance AXS could set up a new all-time high before throwing in the towel.
Axie Infinity price undergoes an exponential run-up
Axie Infinity price was forming a head-and-shoulders pattern in late September. A successful breach out of this technical formation predicted AXS could head to $90 and, in some cases, $100, but the bull rally pushed the altcoin to $153.
This run-up constitutes a 117% ascent from the neckline and 107% advance from the October 1 lows. Axie Infinity price is currently hovering above the 361.8% trend-based Fibonacci extension level at $143. It could set up a new all-time high at $157.52 after retesting the 423.6% trend-based Fibonacci extension level.
While the ascent is impressive, the altcoin is due for a correction. The $143 support floor will be the first barrier that AXS will retest. A breach of this barrier is likely if investors continue to book profits. In such a case, Axie Infinity price might revisit the 121.88 demand level or the 261.8% trend-based Fibonacci extension level at $119.59.
This correction would represent a 22% pullback.
AXS/USDT 6-hour chart
Regardless of the bullish momentum around Axie Infinity price, things will turn south if the holders rush to the exit. A decisive close below $106 will create a lower low and invalidate the bullish thesis.
In this situation, AXS might retest the 161.8% trend-based Fibonacci extension level at $96.15.
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