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

Amidst the new year recovery in the crypto market, the Axie Infinity coin provided a bullish break from the impending falling wedge pattern. This break must have shifted the market sentiment from selling to buying on the dips. Moreover, the post-retest rally has sent the coin 61.6% higher in the last five, currently trading at $12.4. However, the technical setup for the pattern has prepared more upside for the AXS price.

The main point:

• The $12 break sets Axie infinity coin for a 25% jump.
• The 20 and 100 day EMAs on the verge of a bullish crossover offer additional confirmation to the protracted recovery.
• The 24 hour trading volume in Axie Infinity coin is $514 Million, indicating a gain of 1242%.

Source-Trading view

The Axie Infinity coin price witnessed a steady downward trend over the past seven months under the influence of the falling wedge pattern. However, in theory, this pattern provides for a tremendous upside after a break of the resistance trend line.

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

With the ongoing recovery, the coin’s price reached another horizontal level of $12. This fresh break offered buyers a foothold higher to extend the bullish rally further.

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

However, at press time, AXS coin is showing a 2% intraday decline, along with rejection of the high wick attached to the daily candle. This rejection candle indicates the temporary buying profit ordering, which could drop the price back to the $12 mark.

Retesting the newly acquired support will validate whether the buyers are sticking at the higher level or not. if the backtest phase shows continuity about the resistance being broken, interested traders may find entry opportunities.

However, according to the technical setup, any swing high during the pattern formation can act as a potential target on a breakout. Therefore the future targets for the Axie infinity coin could be $20 and $27.25.

Technical indicators:

RSI: The daily RSI’s faltering slope in overbought territory suggests consolation or a pullback is needed before the recovery rally continues.

Not this one: The 200 day EMA at $14 is trying to undermine the bullish recovery.

Axie Infinity Price Intraday Levels-

• Spot rate: $12.48
• Trend: Bullish
• Volatility: Moderate
• Resistance levels- $15.6 and $20
• Support levels- $12 and $10