• 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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

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