- Axie Infinity price looks ready for a quick 15% run-up as its recovery strengthens.
- The December 6 swing low collected liquidity below the December 4 swing low, which adds credence to the bullish outlook.
- A breakdown of the range low at $94.92 will invalidate the bullish thesis.
Axie Infinity price is recovering from its steep downtrend and is showing signs of improvement. Investors can expect AXS to pierce through the trading range’s midpoint and move higher.
Axie Infinity price eyes higher highs
Axie Infinity price has rallied 13% over the past 24 hours and is currently grappling with the December 6 swing high at $108. A swift move above this level is likely, but investors should expect a minor retracement to $103 before the upswing narrative solidifies.
Regardless of the downswing, Axie Infinity price is ready for a 10% upswing to retest the trading range’s midpoint at $118. A decisive close above this level will indicate bulls’ intentions to venture higher. In this situation, AXS could retest the 62% and 70.5% retracement levels at $124 and $128.
This move would constitute a 20% move in total. In case of a massive spike in buying pressure, however, there is a chance Axie Infinity price could retest the 79% retracement level at $132, after a 24% upswing from $106.
AXS/USDT 4-hour chart
While the conditions are looking highly viable for a move higher, Axie Infinity price needs first to flip the $118 hurdle into a support level. If AXS fails to rise past the December 6 swing high at $108 and proceeds to retest the range low at $94, it will indicate that the buyers are either unwilling or unable to push AXS higher.
A 4-hour candlestick close below this level will create a lower low and invalidate the bullish thesis for Axie Infinity price.
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.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.