Axie Infinity (AXS) Prepares 27% Surge amid Weakened Bearish Momentum

ByDawn Pipkin

Dec 20, 2021

Briefly –

  • Axie Infinity seems ready to reverse the underperformance period, preparing a 27% flight.
  • The alt requires a break past the governing technical pattern’s upper boundary at $95 to eye the optimistic aim of $121.
  • However, bulls should prepare for multiple hurdles ahead.

Axie Infinity (AXS) price seems prepared for a 27% upsurge towards levels of $121. However, the alt has to slice past the governing chart pattern’s resistance line for such an optimistic move. Nevertheless, AXS might encounter several resistances before achieving the bullish target.

AXS Price Presents Bullish Outlook

Axie Infinity price printed a sinking wedge formation on the four-hour chart, indicating a bullish picture. The altcoin has to break past the technical pattern’s upper border at $95 to attain the 27% upswing aim to $121. The prevailing chart formation projects these bullish targets.

Additional hurdle might appear around the 21 4-Hr Simple Moving Average at $96, then 50 4-Hr Simple Moving Average near $98, matching the 23.6% FIB retracement area.

The following resistance for AXS price is around 100 4-Hr Simple Moving Average that intersects with 38.2% FIB retracement area of $102. More obstacles might showcase at 50% retracement mark at $106, then 61.8% FIB retracement area near $110. Additional hurdles will emerge at 78.6% FIB retracement area near $115.

Axie Infinity price might also encounter headwinds near the 200 4-Hr Simple Moving Average near $117 before AXS bulls touch the 8 December peak of $121.

Nevertheless, amplified selling pressure may mean dropping towards 18 December low and Momentum Reversal Indicator’s support line at $92. Additional defense line will showcase at 14 December low, of $90, then 6 September peak at $85, matching the falling wedge pattern’s lower boundary. Only a massive surge in sell order will witness Axie Infinity siding further to a 7 September high of $80.

For now, Axie Infinity plans to escape its underperformance phase. The altcoin contemplates a 27% ascent. That comes as AXS’s bearish momentum weakens. However, the crypto may battle multiple obstacles to reach its optimistic target, eying $121. Broad market sentiments may be essential to determine Axie Infinity’s upward strength.

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