• Axie Infinity price action develops an insanely powerful and rare early bullish reversal pattern.
  • Corrective Wave in Elliot Wave Analysis complete.
  • Downside risks remain but are limited in scope.

Axie Infinity price action completes an A-B-C Corrective Wave in Elliot Wave Analysis, giving strong credence to an established low. An increase of more than 60% is projected from these current lows.

Axie Infinity price prepares for a mega bounce

Axie Infinity price action has an outstanding bullish early entry opportunity coming up. An A-B-C Corrective Wave was likely completed when Axie Infinity hit the 161.8% Fibonacci retracement near $90. That move simultaneously created the conditions necessary for one of the most sought-after bullish reversal patterns in Point and Figure Analysis: the Bullish Shakeout.

The Bullish Shakeout pattern is only valid if an instrument is already in an uptrend – which Axie Infinity is. Additionally, the pattern is only valid if two to three Os form below, at minimum, a triple-bottom – which Axie Infinity has.

The theoretical long entry is a buy stop order at $105, a stop loss at $90, and a profit target at $170. The trade idea represents a 4.33:1 reward for the risk. A three-box trailing stop would help protect any implied profit post entry.

AXS/USDT $5.00/3-box Reversal Point and Figure Chart

The trade idea is invalidated if AXS moves to $80. However, it can move as low as $85 before the entry triggers and remain valid. Traders should expect some resistance near the bear market trend line at the $125 value area.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP