- Axie Infinity price action hints at bullish continuation.
- Bulls have vigorously defended AXS from further downside pressure.
- Axie Infinity is not entirely out of the woods yet; downside risks are still present.
Axie Infinity price appears to have stabilized between the $90 to $100 value areas. Additionally, strong buying and shorting signals exist on the $5.00/3-box reversal Point and Figure Chart.
Axie Infinity price could rally by more than 40% to hit $170
Axie Infinity price has two very powerful trade setups for both sides of the market. The long trade idea is probably the most likely to play out in the long-term between the two possible trade ideas. The short entry has an extremely high probability of playing given the current position of AXS – but the downside risks are minimal and not likely to reach the projected profit target.
The hypothetical long entry is a buy stop order at $120, a stop loss at $105, and a profit target at $170. The trade idea represents a 3.33:1 reward/risk setup with an implied 44% gain from the entry. A two-box trailing stop would help protect any profit made post entry.
AXS/USDT $5.00/3-box Reversal Point and Figure Chart
The long trade setup is invalidated if the short entry below is triggered before the buy stop hits.
The theoretical short setup is a sell stop order at $85, a stop loss at $100, and a profit target at $35. The short entry is based on a powerful bearish Point and Figure pattern known as a bearish catapult. However, that pattern appearing near a swing low could be a bear trap in development.
AXS/USDT $5.00/3-box Reversal Point and Figure Chart
The projected profit target is based on the Vertical Profit Target Method - but AXS price would, in reality, not move to that extreme of a low. The short entry is invalidated if the long entry above is triggered before the sell stop is hit.
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
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.