- Axie Infinity price is hovering above the 50% retracement level at $138 as it ponders on further gains.
- A dip that retests $131 could trigger a bull rally for AXS, propelling it by 20% to $154.
- A breakdown of the $122 support will invalidate the bullish thesis.
Axie Infinity price looks ready for a quick run-up as it hovers above the trading range’s midpoint. Investors can capitalize on a minor downswing to occur before the uptrend begins.
Axie Infinity price prepares for higher highs
Axie Infinity price has dropped roughly 16% in nearly three weeks to where it currently trades - $138. This current downtrend seems to be going extinct as AXS set up three higher highs and three higher lows over the past week.
Moreover, AXS flipped the 50% retracement level at $138 into a support floor, hinting that it wants to move higher. While this development is a bullish sign, investors need to watch out for a retest of the 62% Fibonacci retracement level at $131 before it kick-starts a new rally.
The resistance level at $148 is the first huddle Axie Infinity price will encounter. Slicing through this barrier will put $154 in front of AXS bulls. This climb will represent a 17% gain from $131.
In a highly bullish case, Axie Infinity price could make a run for the ‘sell side’ liquidity resting above the range high at $165.
AXS/USDT 4-hour chart
On the other hand, if the downswing to retest the 62% Fibonacci retracement level at $131 fails to recover the losses quickly, it will reveal that the buyers are either unwilling or unable to push Axie Infinity price higher.
In this scenario, market participants can expect Axie Infinity price to make a run for the $127 and $122 support levels. A daily close below $122 will invalidate the bullish thesis and could trigger a 10% correction to the range low at $111.
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
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.