- AXS price rebounds off a 3-day demand region that extends between $58.22 and $69.22, suggesting an uptrend started.
- Market participants may expect Axie Infinity to gain 30%, retesting the weekly resistance zone at $94.98.
- However, losing the support level at $58.22 will ruin the bullish tale.
Axie Infinity (AXS/ saw its price sliding under a critical high timeframe support area, translating to a sharp correction. The downward move appears to reach an end as the altcoin rebounds from another substantial zone, launching a massive upward movement.
AXS Price Ready for Bullish Rally
Axie Infinity lost nearly 33% of its price after the altcoin hovered beyond $94.98 weekly support. This downward movement switched the mentioned footing to a resistance level and sliced lower to 200-day SMA at $85.17.
Nevertheless, the three-day demand region, stretching between $58.22 and $69.22, rescued the token, absorbing increasing selling strength. That way, Axie Infinity gained almost 15% and seems primed for further upward movements.
Near-term investors can execute long positions at AXS’s current level or wait for the asset to retest the highlighted zone.
The 200-day Simple Moving Average around $85.17 will present the only obstacle in the token’s upward journey. Overcoming the hurdle will see Axie Infinity retesting the weekly resistance zone at around $94.98. Such a move would translate to a 28% surge, and investors may follow with profit-taking.
While AXS’s bullish outlook appears sturdy, the narrative might shift within no time with a U-turn from Bitcoin. Any downside action by BTC would push Axie Infinity piece lower. That way, the altcoin might form a daily close under the three-day demand region’s bottom border at $58.22, translating to lower lows that would invalidate the alt’s bullish thesis.
Such a development will clear the road for AXS to drop another 5%, revisiting the support barrier at $56.03.
As stated before, AXS price actions will rely on price movements within the overall crypto spectrum. As Bitcoin display bullish actions, it will bolster the ongoing upward move in Axie Infinity. Nevertheless, the alt bulls need to keep the coin above the $58.22 barrier to keep the bullish tale in play.
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