Stiff Hurdles Confront Axie Infinity’s Upside Potential – AXS Price Analysis

Briefly –

  • Axie Infinity (AXS) might witness its surge hindered by multiple obstacles.
  • AXS has to overpower two vital hurdles to aim higher price zones and an ATH revisit.
  • If the altcoin declines under $122, it might suffer a massive decline.

Axie Infinity witnesses fading rising hopes some obstacles emerging, preventing the altcoin from aiming at higher price levels. The gaming crypto has to maintain its movement beyond $122 to avoid a massive plunge.

AXS to Confront Vital Obstacles

Axie Infinity (AXS) has created a parallel channel on its daily chart. The pattern comes as the alternative coin maintained consolidation since 4 October. The token saw its trading activity fading after Axie Infinity touched an ATH of $165 on 6 November. For now, AXS tries the reliability by the support levels at the prevailing technical pattern’s bottom boundary.

As AXS managed to keep the parallel channel’s downward trend-line as its support near $122 indicates that Axie Infinity might prevent further declines unless a massive sell-off happens. Nevertheless, the asset’s upside potential encounters limitations. The alternative token has to overpower these obstacles to surge.

16 November trading sessions saw AXS sliding under 21-day SMA and 50-day Simple Moving Average on 18 November. That came as Axie Infinity saw weakened momentum. For now, the 21-day Simple Moving Average at $133 and the 21-day Simple Moving Average at $136 act as massive resistances for Axie Infinity.

Another obstacle for AXS might emerge at 78.6% FIB retracement at $140. If the gaming asset overpowers the challenges mentioned above, AXS will surge towards the prevailing chart pattern’s middle border at $145. Increased buying strength might push AXS towards 4 October peaks at $155.

If bears continue dominating the crypto space, AXS can secure its initial defense line at the chart pattern’s lower boundary at $122. Additional support can showcase at 61.8% FIB retracement at $120.

Though the two support level mentioned above will serve as meaning AXS’s footholds, a massive surge in sell orders might witness Axie Infinity dropping towards a 100-day Simple Moving Average at $106.

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Michael Ellis

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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