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Abstract:Axie Infinity price has seen multiple downswings since February 7. The most recent one is currently searching for a stable support level so AXS can kick-start a new uptrend.
Axie Infinity price needs to slide lower and retest the 70.5% retracement level at $53.62.
This move will set the stage for an expansion to $72.01, coinciding with the weekly resistance barrier.
A four-hour candlestick close below $45.93 will invalidate the bullish thesis.
Axie Infinity price prepares for liftoff
Axie Infinity price set a range, extending from $45.93 to $72.01 as it rallied 56% between February 3 and 7. This exponential upswing took a break at $55.11 and set a swing low there. The retracement from the range high set up another swing low around $55.11, creating a double bottom formation.
This technical formation facilitated a quick 20% ascent but left the residual liquidity below $55.11. Therefore, the current pullback will likely sweep below $55.11 and retest the 70.5% retracement level at $53.62 before heading on another ascent.
Doing so will allow Axie Infinity price to make a run for a higher high above the recent swing high at $66.20. This move will likely extend to the range high at $72.01, coinciding with the weekly resistance barrier.
In total, the uptrend would constitute a 35% gain for Axie Infinity price.
Regardless of the liquidity pool, if Axie Infinity price slides below $53.62, it will indicate that the sellers are driving AXS into a deep discount phase.
If this bearish momentum pushes Axie Infinity price to produce a four-hour candlestick close below the range low at $45.93, it will invalidate the bullish thesis. In this case, AXS will likely slide lower and collect the liquidity resting below $44.27 to give the uptrend another go.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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