AXS coin price retests the bullish breakout of the resistance zone near the $150 mark. Hence, AXS could shortly reach the $200 mark.
Axie Infinity is an Ethereum-based NFT card game. Pokemon and Tamagotchi inspire the game. It allows the users to breed and raise Axie creatures. Users can also trade their animals or take them to war.
Let us now take a deep look into the technical analysis of Axie Infinity.
Past Performance of AXS
AXS coin price gives a breakout of the cup-and-handle pattern in the daily chart. The neckline of the patterns was at $150. Furthermore, the coin price retests the $150 resistance zone.
Moreover, the intraday trading volume of the coin has fallen by 40%. As a result, the AXS token trades at $154, with a price fall of 0.95% on the last day.
AXS Technical Analysis
AXS coin price action can foresee a bull run upon a $150 retest. However, the recent evening star pattern in the daily chart questions the possibility of a successful retest. Hence, safe traders need to wait and overcome the fear of missing out.
The breakout of the $160 resistance level can be considered a suitable entry spot. However, the price jump may find opposition near the Pivot Points at $180 and $220. And, on the flip side, the $125 and $100 can help oppose the downfall.
The RSI slope in the daily chart struggles to enter the overbought territory due to constant rejection from the 70% level. However, the slope maintains itself above the center line. Hence, the RSI indicator gives a bullish signal for the AXS token.
The MACD line is above the signal line in the daily chart. Hence, indicating the bullish trend in action. Moreover, the rising bullish histograms reflect positive growth. As a result, the MACD indicator signals a buy signal.
Upcoming Trend
As per the technical analysis of Axie Infinity, the AXS coin price retests the $150 mark. However, the evening star pattern questions the success of the retest. Hence, traders must wait for the price action to complete its fruition before giving in to FOMO.
Upon successful retest, we can witness a bull run to the $200 mark. However, if the retest fails, a downfall to $125 or $100 is possible.
