Axie Infinity price set for retest of $161.50, holding 20% gains
- Axie Infinity price is set for a pop higher as bulls reclaim 55-day SMA.
- AXS price has received confirmation from a bullish uptick accompanied by an expansion in buy-side volume.
- Expect a quick liftoff as momentum builds for a drive towards $161.50.
Axie Infinity price has been under pressure caused by the correction going through the whole of the global cryptocurrency market at the moment. AXS price may be ahead of the curve, however, after showing bullish signs, and even momentum building for a breakout to the upside. Expect momentum to build further and for there to be a quick pop towards $161.50 once the global headwinds start to fade.
Axie Infinity set to rise with new all-time highs possible
Axie Infinity price recently dipped below the monthly pivot at $125, however, bulls defended the level well, and price made a knee-jerk reaction higher. This past weekend bulls made a breakthrough after rising above a historically well-respected descending trend line. As bears got squeezed out of their positions, bulls were able to reclaim the 55-day Simple Moving Average (SMA) at $132 which they then used as a launch pad for more upside progress today.
AXS price is thus on the verge of breaking higher.Volume is supporting the move, as well as the Relative Strength Index (RSI), which is trading above 50 and still has plenty of room to go. It will be essential for bulls to maintain pressure today and overcome the global headwinds currently impacting cryptocurrencies to keep the fledgling uptrend intact. Expect bullish momentum to continue and for AXS price to make a quick ascent to $161.50.
AXS/USD daily chart
If bulls can overcome global market factors, expect a further rally and possible acceleration to $170, raising AXS price to new all-time highs.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
