Is It Too Late To Enter Axie Infinity Coin After Its 40% Jump?

Jan 23, 202314:04 UTC

Amid the new year recovery in the crypto market, the Axie Infinity coin gave a bullish breakout from the long coming falling wedge pattern. This breakout must have shifted the market sentiment from selling on the rallies to buying on dips. In addition, the post-retest rally has surged the coin 61.6% higher in the last five, currently trading at $12.4. However, the technical setup for the pattern has prepared more gains for the AXS price.

Key points:

The $12 breakout sets Axie infinity coin for a 25% jump
A 20-and-100-day EMA's on the verge of bullish crossover offers additional confirmation on prolonged recovery.
The 24-hour trading volume in the Axie Infinity coin is $514 Million, indicating a 1242% gain.

Source-Tradingview

The Axie Infinity coin price witnessed a steady downtrend for the past seven months under the influence of a falling wedge pattern. However, in theory, this pattern provides a remarkable bull run upon the breakout of its resistance trendline.

Thus, with the recent recovery in the crypto market, the coin buyers breach downsloping resistance on January 12th. This breakout triggered an exceptional rally in the last five days and pushed the coin to its current price of $12.4.

With the ongoing recovery, the coin price reached another horizontal level of $12. This new breakout offers buyers a higher footing to extend the bullish rally further.

Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

However, by press time, the AXS coin shows a 2% intraday drop, along with high wick rejection attached to the daily candle. This rejection candle indicates profit booking from temporary buyers, which could plunge the prices back to the $12 mark.

A retest to the newly obtained support will validate if buyers hold at higher levels or not. if the retest phase shows sustainability about the breached resistance, the interested traders could find an entry opportunity.

Anyhow, as per technical setup, each swing high during the pattern formation could act as a potential target upon breakout. Therefore the upcoming target for the Axie infinity coin could be $20 and $27.25.

Technical indicator:

RSI: The daily RSI slope wavering in the overbought territory suggests a consolation or pullback is needed before the recovery rally resumes.

EMAs: the 200-day EMA at $14 is trying to undermine the bullish recovery.

Axie Infinity Price Intraday Levels-