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Axie Infinity Price Prediction: AXS embarks on resistance-infested 20% upswing

  • Axie Infinity price bounces off the $102.62 to $114.53 demand zone, indicating an increased buying pressure.
  • The consolidative downtrend will make the upcoming 20% advance challenging for the buyers.
  • A breakdown of the demand zone’s lower limit at $102.62 will invalidate the bullish thesis.

Axie Infinity price shows strength after being on a continuous downswing since its all-time high on October 4. After bouncing off a crucial support area, AXS looks ready to make a comeback.

Axie Infinity price looks to break free

Axie Infinity price rose 108% from October 1, setting up a new all-time high at $154.90. However, this explosive ascent retraced soon after, pushing AXS down into a slow and consolidative downtrend that sliced through the 261.8% Fibonacci extension level at $119.59.

Although Axie Infinity price broke this barrier, it made a quick comeback that has sliced through it and shows a willingness to go higher. The hidden bullish divergence between the price and the Relative Strength Index (RSI) supports this bullish uptick. This technical formation occurs when the price sets up higher lows, but the RSI creates lower lows. The setup forecasts a bullish breakout, which is currently being witnessed.

Investors can expect Axie Infinity price to rally at least 20% to tag the 361.8% Fibonacci extension level at $143.03. This move is ideal and collects the buy-stop liquidity resting above the October 6 and October 8 swing highs.

In some cases, Axie Infinity price might make a run at the 432.6% Fibonacci extension level at $157.52 and set up a new all-time high.

AXS/USDT 4-hour chart

AXS/USDT 4-hour chart

While things are going well for Axie Infinity price, a reentry into the $102.62 to $114.53 demand zone indicates that the buyers lack strength. In this situation, a potential increase in selling pressure is likely to result in the creation of an equal low at $102.62. While AXS can make a comeback here, a decisive close below $102.62 will, however, invalidate the bullish thesis.

Such a move could result in a downswing to the 161.8% Fibonacci extension level at $96.15.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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