• Axie Infinity price is ready to reverse the period of underperformance with a 27% upswing.
  • Only a break above the upper boundary of the governing technical pattern at $95 could put the bullish target of $121 on the radar.
  • However, AXS will face an abundance of resistance ahead. 

Axie Infinity price appears ready for a 27% bounce toward $121 if it manages to slice above the resistance line of the governing chart pattern. However, AXS may face ample challenges ahead before the bullish target could be reached. 

Axie Infinity price offers bullish outlook

Axie Infinity price has formed a falling wedge pattern on the 4-hour chart, suggesting an overall optimistic outlook. AXS must break above the upper boundary of the technical pattern at $95 in order for the 27% ascent target toward $121 given by the prevailing chart pattern to be achieved.

Additional resistance may emerge at the 21 four-hour Simple Moving Average (SMA) at $96, then at the 50 four-hour SMA at $98, coinciding with the 23.6% Fibonacci retracement level.

The following obstacle for Axie Infinity price is at the 100 four-hour SMA which intersects with the 38.2% Fibonacci retracement level at $102. Further hurdles may emerge at the 50% retracement level at $106, then at the 61.8% Fibonacci retracement level at $110, followed by the 78.6% Fibonacci retracement level at $115.

Axie Infinity price may also face headwind at the 200 four-hour SMA at $117 before the bulls reach for the bullish target and December 8 high at $121.

AXSUSDT

AXS/USDT 4-hour chart

However, if selling pressure increases, Axie Infinity price may fall toward the December 18 low and support line given by the Momentum Reversal Indicator (MRI) at $92. 

Additional lines of defense will appear at the December 14 low at $90, then at the September 6 high at $85, coinciding with the lower boundary of the falling wedge pattern. Only if a massive spike in sell orders occurs will see AXS slide further toward the September 7 high at $80.

 

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

Cardano whales enter buying spree before the Vasil hard fork

Cardano whales enter buying spree before the Vasil hard fork

Cardano price is showing an interesting set up as it struggles to make a move above a crucial support level. A rejection here could lead to a buying opportunity for patient investors before ADA explodes.

More Cardano News

Why Dogecoin enters 50% bull rally despite founder’s remarks on Elon Musk

Why Dogecoin enters 50% bull rally despite founder’s remarks on Elon Musk

Dogecoin price has been coiling up like a spring for roughly ten days, indicating that a massive move is about to occur. The congestion will likely lead to a bullish move for DOGE that is brimming with volatility.

More Dogecoin News

SafeMoon price readies for a 40% breakout

SafeMoon price readies for a 40% breakout

A brief technical and on-chain analysis on SafeMoon price. Here, FXStreet's analysts evaluate where SFM could be heading next.

More SafeMoon News

Why a 20% rally for Crypto.com price makes sense now

Why a 20% rally for Crypto.com price makes sense now

Crypto.com price is on the verge of flipping a crucial resistance barrier into a support level. Assuming this conversion occurs, CRO will be primed for a quick expansion to the next hurdle.

More Crypto.com News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP