AXS has to overcome these obstacles in order to get higher

The Axie Infinity price has little hope of soaring to the top as a number of obstacles emerge blocking AXS ‘advance. The game token must hold above $ 122 at this point to prevent a massive sell-off.

AXS has formed a parallel channel on the daily chart as it has continued to consolidate since October 4th. After hitting an all-time high of $ 165 on November 6, trading activity slowed as the token tested the lower bound of a corrective technical pattern.

The fact that Axie Infinity price has held above the parallel channel’s downtrend line with support at $ 122 suggests that AXS is unlikely to continue falling unless a catastrophic sell-off occurs. However, its upside is severely limited if several obstacles cannot be resolved in the future.

Currently, the price has fallen below the 21-day SMA on November 16 and the 50-day SMA on November 18, as the dynamism of AXS is weakening. These are all strong AXS resistances with the 50-day SMA at $ 133 and the 21-day SMA at $ 136.

Another hurdle for Axie Infinity price could come up at the 78.6% Fibonacci retracement level at $ 140, and if and only if these barriers can be overcome, AXS can rise towards the border of the center of the pattern at $ 145.

Increasing buying pressure could push Axie Infinity price to an October 4th high of $ 155.

AXS / USDT. Source: TradingView

If the bears continue to control the market, Axie Infinity price could retreat to the first line of defense at the bottom of the pattern at $ 122, with additional support at the 61.8% Fibonacci retracement level at $ 120.

While the above two support levels should serve as firm support for Axie Infinity price, a significant increase in selling pressure could cause AXS to slide towards the 100-day SMA at $ 106.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

According to Fxstreet

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