Axie Infinity GameFi token, $AXS may be set on more bullish action. The play-as-you-earn token may soon break out of the doldrums if the market reverses its stance on matters.
Last year’s breakout GameFi token $AXS – attached to the play-as-you-earn gaming title, Axie Infinity – looks as though it may be setting up to take a more bullish stance. The market (as seen on Huobi charts, stream via TradingView,) after taking a 73% tumble from a high of $165 about 78 days ago, AXS is up about 5.5% from yesterday’s close (at time of writing, that is.)
After falling on hard times, on the back of Bitcoin’s price recession, $AXS also seems to be to set reverse from it’s current position. Testing the $43 support level, the asset – at time of writing – is priced at $49.75, up about 5% from yesterday’s close – about 12% from the previous day’s low.
The Axie Infinity digital asset opened the day at $47.21 and reached a current high of $52.24. The low for the day, as things currently stand, is $3.41% lower than the opening price, standing at about $45.60.
Price action seems to be testing the dynamic support line of a downward trending channel, which may see price break downwards to the $38 support level. Current market conditions, however, seem to attest to the possibility that a bullish comeback may truly be on the cards.
After ripping, slightly, past the 0.618 Fibonacci level, price action may really be looking more favorably at bullish momentum. Price candles certainly seem to support a more bullish outlook, as we have a bullish harami accompanied by a morning star pattern – viewed from the candles of the past four days.
The Ichimoku Indicators’ Chikou Span – having not diverged too far from price action, looks to be offering an indication of the beginning of a period of consolidation. The Tenkan and Kijun lines, currently run above price action and have come closer together, as they take a horizontal position. As for the Kumo, though it is still filled in red, the Senkou A line has also begun to run flat. Senkou B continues to fall towards it.
We have a bullish divergence on the MACD. Both Moving Averages, as well as the histogram, tell the same story, while the histogram has begun to lighten, indicating that more positive price action may soon be underway. The Stochastic Oscillator also indicates bullish divergence, while the fast line last commenced on turning towards the slow line.
Barring the ennui of consolidation, we may see the $AXS price turn upwards, back towards the $100 level. Once prices are clearly above the last all-time high, the asset may run towards $250 – $300. Nothing ever goes up in a straight line though.
