Axie Infinity Price Prediction: AXS shows inherent risk moving forward
- Axie Infinity price displays indecisive technicals, but a strong move will likely resolve the confusion.
- AXS price could rally towards the monthly high at $12.46.
- Invalidation of the bullish thesis would arise from a breach below $9.16.
Axie Infinity (AXS) price shows a short-term bullish trend with inherent risk attached. Traders should be on the lookout for any sudden changes in market behavior.
Axie Infinity price is in indecision mode
Axie Infinity price has been experiencing a period of sideways trading during the second weekend of February. The overall bias is neutral as bulls and bears are taking time to evaluate the future price trajectory of AXS. Despite this, the short-term uptrend remains intact, as the price is currently above the 21-day simple and 8-day exponential moving averages.
Axie infinity price currently auctions at $10.90. The Relative Strength Index shows a bearish divergence between the January 15 closing price at $10.79 and the January 18 price at $10.64. The RSI could hint at a potential trend reversal shortly.
The Axie infinity price should be treated as a trade-per-trade risk asset based on the technicals. The next bullish target will be February's monthly high at $12.46, resulting in a 14% increase from Axie Infinity's current price.
Invalidation of the bullish view would arise from a breach below this week's swing low at $9.16. A violation of the low could translate into a steeper decline towards the $7.80 resistance zone, which would result in a 28% decrease from Axie Infinity's current market value.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
