Axie Infinity price hints at 30% breakout rally if AXS can overcome two hurdles

Axie Infinity price upside is being limited by two hurdles at $55.11 and $59.06.
Clearing these blockades will result in a run-up to the range high at $72.19, coinciding with a weekly resistance barrier.
A four-hour candlestick close below the range low at $45.93 will invalidate the bullish thesis for AXS.

Axie Infinity price is at an inflection point in its journey to the top as it faces two stiff hurdles in its path. A breach of these blockades is crucial for AXS to reach its destination, but failure could have unwarranted repercussions.

Axie Infinity price at make or break point

Axie Infinity price has swept below the range low at $45.93 and recovered swiftly, leading to a 36% ascent in the last four days. Although for a brief moment, AXS sliced through the $55.11 resistance barrier, it failed to hold above it and is currently grappling with it.

Assuming buyers band together, Axie Infinity price will likely continue its uptrend to the next barrier at $59.06 aka the 50% retracement level. Here, bulls’ strength will be tested. While this outlook might seem bullish, a better alternative will be for AXS to retrace lower and find a stable support floor at $51.49 for buyers to recuperate and step up.

A bounce off this barrier is where interested investors can enter long position and expect AXS to shatter through the immediate barriers at $55.12 and $59.06. Clearing these blockades will open the path for Axie Infinity price to make a run for the range high at $72.19, coinciding roughly with the weekly resistance barrier.

In total, this run-up would constitute a 40% ascent and is a point where market participants can book profits

AXS/USDT 4-hour chart

On the other hand, if Axie Infinity price fails to hold above $51.48, it will indicate a weakness among buyers. In the event of a decline, Axie Infinity price has a last chance to recover around the range low at $45.93.

However, a breakdown of this level would create a lower low, shifting the odds in bears’ favor and invalidating the bullish thesis.

Share: Cryptos feed

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.

Join Telegram