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Axie Infinity Technical Analysis: New Uptrend Aims To Reach $4 Mark

cryptoknowmics.com 01 December 2021 10:57, UTC
Reading time: ~2 m

The AXS coin price struggles to break above the $140 mark, the neckline of the double bottom pattern in action. The breakout aims to hit the $160 mark.

Crypto games have attracted a lot of attention from investors and players since early 2021. Because the returns on each token are steadily rising, this is why crypto games have received so much attention from investors and players. 

AXS is one of the most talked-about tokens, compared to the increasing number of users and the increased profits on the platform. It is a game model that allows players to earn money through playing. This game is also accessible to those with no knowledge of blockchain technology.

Let us now move ahead to the technical analysis of the Axie Infinity token.

Past Performance of AXS

The AXS coin price gained bullish momentum near the $125 mark resulting in a 12 percent price jump. Thus, it forms a double bottom pattern in the chart but struggles to break above the neckline at the $140 mark.

Hence, once the price sustains above the $140 mark, traders can find buying opportunities with the minimum target of $160. 

Axie Infinity/USD Daily Chart

AXS Technical Analysis

The AXS token was created for use on the Axie Infinity platform. The token holders have the ability to use their tokens for voting, stake and payment for any product. The most interesting thing about AXS is the fact that it is likely to grow due to the increased number of users and total revenue.

The price action of the coin indicates that the support levels are at $115 and $90. And, the resistance levels are at the $160 and $200 mark.

The RSI slope crosses the 50 percent level in the daily chart with the divergence in action. With the space for the slope to touch the overbought zone, the indicator gives a buy signal.

The fast line touches the slow line in the MACD indicator, increasing the probability of a bullish crossover in the daily chart. Hence, we can shortly observe the rise in bullish histograms. Therefore, the indicator gives a buy signal for the AXS coin.

Upcoming Trend

The AXS price action shows a bull run in action but struggles to rise above the $140 mark. Hence, the breakout will be an excellent entry spot with a target of $160. However, in otherwise situations, the bearish targets are at the $125 and $115 mark.

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