Axie Infinity continues to paint a lot of greens and starts the week in a bullish mode after breaking several resistances. The buying momentum looks so strong at the moment as it charges to conquer more highs.
After establishing a local bottom at $6, Axie Infinity recovered slightly and began to show signs of strength earlier this month. The build-up was initially slow, with a choppy price action until it broke through the $8 level on January 13.
The price further surged to $10, but it encountered resistance there and pullback to the break level during last week’s correction. AXS bounced back and struggled around $9 for a day before the price jumped to where it closed the week at $12.6 yesterday.
It reiterated actions today and pushed higher to a 3-month high of $13.94, which marks the last September drop level. Axie Infinity saw a sharp rejection there and fell slightly to $13 at the moment.
The price could skyrocket to $18 by the end of this week if volatility continues to flow into the market. And if a correction occurs, it would look for solid support to restart the rally.
Axie Infinity is currently the top gainer of the market after charting a total of 45% gains in the last 24 hours. Due to this, the trend is considered extremely bullish from a short-term perspective.
AXS Key Levels To Watch
Source: Tradingview
As shown in the above daily chart, the bulls have gained control following a series of breakouts in the past few days. Although AXS is likely to encounter more hurdles at the $15.4 resistance level if it pushes beyond the 3-month high – marked white. Above this level lies a hidden resistance at $18 before shooting to $20, which marks a breakout level for a complete bullish reversal.
Meanwhile, a correction is likely to occur soon from a technical perspective. The support levels to watch for a potential retracement are $12 and $10. The $8 level is next in case of a deeper correction.
Key Resistance Levels: $13.94, $15.4, $18
Key Support Levels: $12, $10, $8
- Spot Price: $13
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: ximagination/123RF // Image Effects by Colorcinch
