- Axie Infinity consolidates within a symmetrical triangle without any directional bias.
- Breaking the uphill trend-line can result in a 25% price move towards $96.55 or $52.72.
- AXS will see upside breakouts if the crypto market turns bullish.
Axie Infinity (AXS) appears to traverse a symmetrical triangle shape without an inherent bias. With that, the token’s breakout might head in any direction. That would depend on the trend-line that AXS breaches. Meanwhile, the crypto might have a smooth path to an upside breakout. That is when considering the upswings seen in the altcoin market and BTC recently.
AXS Awaits Price Catalysts
After the 79% surged from 10 August to 11 August, Axie Infinity had its price entering a consolidation period. Since then, AXS formed higher lows before setting up lower highs starting 21 August. Connecting the swings points creates a symmetrical triangle formation.
Remember, the coin’s technical pattern provides no inherent attitude and might move towards either direction. However, if AXS breaks the lower or the upper trend-line, the cryptocurrency will confirm a price breakout. For now, the asset’s price moves to the pattern’s lower boundary and might lead to a recovery of buying pressure.
Price uptrends from this level would translate to a 10% upswing, retesting the top trend-line. However, the asset will have to flip the $77.38 barrier into support to ensure a reliable breakout for a new AXS uptrend.
In such price moves, the triangle pattern predicts a 24% upsurge to $96.43 when you measure the distance from the 15 August and 21 August swing points and add that to the $77.38 breakout point.
Meanwhile, if the altcoin fails to accumulate adequate buying pressure near the lower trend-line, it will confirm the bulls’ weakness. With that, Axie Infinity will register extended declines. A decisive six-hour candle close beneath $70.02 will suggest bearishness catalyzing a 24% plunge towards $52.72.
If the overall market turns bullish in the coming sessions, AXS will register upside moves. That can also mean an uptrend for the leading cryptocurrency, Bitcoin. For now, the alternative coin seems indecisive as far as direction is concerned. The coming sessions will have the asset confirming its price direction.
Stay around for upcoming market updates.