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AXS has to overcome these obstacles in order to get higher

November 29, 2021 - Around 2 mins mins to read

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 coin là gì? Axie Infinity có tiềm năng không, có nên đầu tư?

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 has to overcome these obstacles in order to get

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

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

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

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 coin là gì? Axie Infinity có tiềm năng không, có nên đầu tư?

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 has to overcome these obstacles in order to get

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

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

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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