- Axie Infinity sees bulls breaking a few significant resistance levels to the upside intraday.
- AXS gets rejected at $122.80 and undergoes a significant fade back to the opening price at $105.90.
- Expect bullish effort to be helped further as cryptocurrency sentiment is on the front foot.
Axie Infinity (AXS) sees a bullish reversal today as bulls try to break the downtrend and even some resistances that bears saw heavy defending the past few days. However, bulls faced earlier this morning a significant rejection at $122.80, making it a possible bull trap as price action in AXS during the European morning completely collapsed and traded back to opening levels. It will be essential to see if the US session can retest and break $122.80 to the upside, with a price target at $148.90 by the end of this week.
Axie Infinity bulls must to break fundamental level to enable new all-time highs
Axie Infinity saw buying volume explode this morning as bulls hatched a plan to go for the bullish reversal and try to squeeze bears out of their positions to break the downtrend. The plan went smooth until bulls hit a curb at $122.80, a level well respected short-term with already some apparent price reaction from both the upside and the downside. As bulls came a long way intraday to reach this level, the risk of a bull trap is imminent as bulls got rejected to the tick on this one.
AXS price has broken the historical $111.08 and the monthly S1 support level at $113.76. These two breaks should help attract additional investors into the buying action at Axie Infinity. That fresh help should see price action pop back towards that $122.80 level and break it to the upside. If bulls can refrain from any profit-taking, expect to see $148.90 possibly by the end of the week, which opens the door for new all-time highs by next week.
AXS/USD daily chart
Should bulls not be able to regain the lost ground from this morning, and AXS price action remains subdued below $111.08, expect a further fade from bears and see bulls pulling the plug out of their attempt. This will trigger a quick nose dive towards $90, with the monthly S2 support level that past weekend already halted the falling knife price action in AXS. Expect it not to hold this time, with bears targeting $85.22 as the next level of support.
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
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.