2022-1-20 14:32 |
Axie Infinity (AXS/USD) has been one of the worst-hit tokens during the recent downtrend. The coin is currently around 56.9% below its all-time high of $164.90 set on November 6, 2021. Over the past few months, the coin has been on a constant downtrend, but this now seems exhausted.
Axie Infinity signals bullish gainsOn January 10, AXS hit a new low of $65.12. This price fell between the demand zone, between $58.22 to $69.22. This signalled an uptrend for the token because the price could attract traders that wanted to book profits during the dip.
The coin has already shown signs of breaking out to higher levels. The uptrend has already shown signs of forming, as the coin reached around $74.81 on January 19. If AXS maintains this trend, traders should expect to see a bull run towards the $95.07 weekly resistance levels.
If AXS rallies to this level, it would make a 30% uptrend, which could be the peak of its short-term bulls. The next resistance level lies at $107.23, which could bring the coin’s total gains to 47%. However, such levels could be achieved if there is support from the broader cryptocurrency market.
The higher resistance level lies at $124.73. If AXS reaches such levels, a sell-off could be triggered, given that this is where around 700 addresses that hold the token will break even. Additionally, analysis of these processes shows that short-term traders who bought AXS during the past three months are in the loss zone.
When most short-term traders are in the loss zone, long-term traders tend to accumulate more because the risk of a sell-off is low. If long-term traders accumulate more, AXS could be in for notable gains, and the aforementioned resistance levels could be reached.
A downtrend is also possibleThere is still a possibility that AXS will push towards lower levels. The prices could drop again towards the demand zone of between $58.222 and $69.22. If it goes below $58.22, the coin will create a new low. If such a downtrend is formed, the bears will kick in, which will eliminate any bullish gains that could be formed by the token. A stronger bearish trend could push the token towards $48.06.
The post Axie Infinity (AXS) signals an uptrend towards the $95 resistance levels appeared first on Invezz.
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