Axie Infinity (AXS) pricemanaged to unlock a new area this week and looks pretty poised for a potential 16% uptrend. With the bulls holding a test near $72, $73.62 represents an important level that seems likely to break. A break at that level will turn the 55-day simple moving average (SMA) to support around $77, helping AXS price rise even faster.
AXS Bulls Set to Topple Some Areas and Rise
Famous game altcoin Axie Infintiy (AXS) has increased its earnings by close to 46% since last Friday and is looking to achieve a total gain of over 50%, with a minimum gain of 16% this week. The bulls seem poised to achieve this after testing the $73.62 level, but they may face some ‘take-profit’ sales ahead. The Relative Strength Index (RSI) seems to have overheated a bit, which with a temporary drop could help offer a cooling area for the bulls to gather strength.
Axie Infinity (AXS) price will need to face the real $73.62 resistance level first and it could rise above it as the current pullback offers an opportunity to re-enter the long-term trade.
However, the $77 resistance looks heavy with the 55-day SMA capping it. A break later this week will act as a bullish trigger that will turn the 55-day SMA into support and capture $85.25. This is an important historical level and the monthly R1 also represents a strong resistance level. However, such a rally would likely result in another 16% gain on top of the already booked 46% gains.
Alternatively, the current rejection could prove too large and there could be a significant drop towards the monthly pivot at $65.13. A break lower could see a push towards $60.36 which would wipe out about half of the current gains. Then the risk would be a complete collapse towards $51.90.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.