Axie Infinity (AXS) Should Overcome This Obstacle for 20% Ascent
Briefly –
- On 30 September, Axie Infinity overpowered a bottom reversal pattern referred to inverse head-shoulder.
- AXS gained 10% in its initial upswing before facing an interim plunge, delaying the alts upsurge.
- Bulls can cooperate to conquer obstacles and propel AXS with a 20% rise.
Axie Infinity price movements from 9 September to 29 September created a bullish reversal shape. Though the altcoin rallied after the breakout, it encountered challenges as investors booked their profits. For now, AXS appeared ready to record another upswing.
AXS Price in Balance
As stated earlier, Axie Infinity concluded an inverse head-shoulder pattern on 29 September. This technical shape has three different swing lows. The center one appears steeper, thus referred to as the head, while the two with equal depths are shoulders.
Connecting these valley’s swing highs with a trend line forms a neckline, which is a resistance level. If the alt manages to break past the neckline, it might see a 28%, established by estimating the distance between the head’s lowest level and the neckline. Adding the estimate to the breakout level unveils a $90 target.
After the successful break out on 30 September, AXS surged 10% before encountering a massive resistance near the 70. 5% FIB retracement at $78.94. For now, Axie Infinity prepares a journey towards higher prices, $90 being its destination.
A significant close beyond the 79% FIB retracement will confirm bulls’ strength to hit the resistance zone at $90.However, conditions appear stacked against AXS near the high probable reversal area in the $75.51 – $82.38 range. If buyers fail to take Axie Infinity past $82.38, they will confirm weak momentum, and bears might overtake.
In such cases, market players can expect Axie Infinity to endure retracements towards the neckline, near $70.66. Breaching this level will annul the bullish narrative. That might send the alt lower to its 29 September swing low around $70.11.
For now, AXS buyers may need to dominate the market for Axie Infinity to attain its target value. Meanwhile, overall market support is essential for upsurges.
Do you think that AXS will hit its projected swing highs? Share your views in the section below.
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