Published 9 hours ago
With the recent price jump in Axie Infinity coin, the buyers breached a six-month-long resistance trendline. Therefore, if the prices show sustainability above the breached trendline, it would indicate the market sentiment has shifted from selling on rallies to buying on dips; should you enter now?
Key points:
- The Axie Infinity price gave a bullish breakout from the double bottom pattern
- The AXS buyers reclaimed the 20-day EMAs
- The 24-hour trading volume in the Axie Infinity coin is $617.8 Million, indicating a 192% gain.
Source-Tradingview
The Axie infinity daily chart shows a double bottom pattern with a base support of $8.5. Amid the ongoing recovery sentiment in the broader market, the AXS price rebounded from $8.5 on November 3rd.
In the last three days, the bullish reversal registered a 24.5% gain and breached the $10.3 neckline and long-coming resistance trendline. Under the influence of the dynamic trendline, the Axie infinity price has been falling for the past six months.
Thus, a bullish breakout from this trendline reflects an early sign of trend reversal. Currently, the altcoin trades at $10.65, and the wick rejection attached to the daily candle indicates profit booking from short-term trades.
If today’s candle closes above the $10.3 neckline, interested traders can look for an entry opportunity. Thus, a post-retest rally could drive the prices 23.3% higher to hit the crucial supply zone at $13.15.
On a contrary note, the bullish thesis will weaken if prices fail to sustain above the $10.3 mark or the breached trendline.
Technical indicator
MACD: the increasing spread between the MACD and the signal line indicates the rise in underlying bullishness. Moreover, the coin holders will get an additional confirmation for sustained recovery if the indicator slope jumps above the midline.
Bollinger band: the coin price breached the indicators midline reflecting a positive outlook is building for the AXS coin. However, the sudden rally hit the upper band suggests consolidation above $10.3 is needed to resume the prevailing rally.
Axie Infinity Price Intraday Levels
- Spot rate: $10.6
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $11.7 and 13.6
- Support levels- $10.3 and $8.5
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/axie-infinity-eyes-a-23-price-jump-if-they-sustain-this-breakout/