Axie Infinity (AXS) Price Prediction : AXS token price surged 40%, Investors rushed to buy the gem

Axie Infinity price takes out previous week high and attempting to breakout of the 200 day EMA
AXS token price formed a double bottom reversal pattern and breakout the neckline with the giant bullish candle

Axie Infinity crypto price is trading with the bullish cues and bulls are attempting to break out of the 200 day EMA. However, due to massive up-move, prices may enter into consolidation. According to Coinglass, In the last 12 hours, AXS Long and Short ratio stands at 0.98 denotes the balance between bullish and bearish positions. Currently, The pair of AXS/USDT is trading at $12.85 with an intraday gains of 2.31% and the 24-hour volume to market cap ratio at 1.1019

Investors rushed to buy the AXS token

Source : AXS/USDT daily chart by Tradingview

On a daily time frame, AXS token price had surprised investors with the massive intraday up-move of 40% and formed a giant bullish candle. From the past couple of months, Axie Infinity price has been trading sideways in the wide range between 5.80 to 10.00 in the hope of positive expansion and finally the time has come when AXS bulls had succeeded to break out of the $10.00 hurdle level and expanded upward with the wild up-move.

In mid of January, AXS token prices had witnessed minor selloff and sellers have tried to drag the prices below the 50 day EMA (yellow) but luckily bulls strongly bounced back with the higher volume which indicates some institutional buyers have taken the long positions and expecting outperformance in the coming months. The 200 day EMA (green) is acting as an immediate hurdle for bulls and the next hurdle will be at $15.53 and $19.89. However, if bulls succeed to hold the price above both the EMA’s then it will confirm the long term bullish trend reversal.

The technical indicators of the AXS token is turning bullish but due to massive rally in a short span of time, The RSI curve at 80, entered the overbought zone which may create trouble for the bullish traders. However, the recent breakout looks sustainable and any dips towards the support zone at $10.00 and $8.00 will provide an opportunity for investors to accumulate at lower levels.

Summary

Axie Infinity token price has broken out of the higher range with a giant bullish candle and the buying volume surges to the highest level indicates more upwards rally is possible in coming weeks. The technical analysis suggests that prices are in bullish momentum but it may face minor rectrament towards 50 day EMA or consolidate in a narrow range before continuing the upward momentum. Therefore, aggressive traders might look for buying opportunities for the target of $15.00 and above by keeping $7.00 as SL. However, if prices drop below $5.80 bulls might lose control on demand zones.

Technical levels

Resistance levels : $15.50 and $19.89

Support levels : $10.00 and $5.80

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.