New Delhi: New Delhi: The world is going crazy about cryptocurrencies, blockchain technology, and decentralized finance (DeFi) as the market saw a major gain in the first half of this year. This craze has led to the rise of new and young cryptocurrencies.
This time Axie Infinity blasted to the moon where many investors made a good amount of money. AXS was created in 2018 by Sky Mavis. C0-founded by Trung Nguyen and Aleksander Larsen coins main aim was trading and battling the game, aside from this they wanted to serve a good return to the users.
Axie Infinity broke the bottom reversal pattern on September 29 and has managed to double its value since then. Retracement will take place but there is a chance AXS can set up a new all-time high before ending its upswing.
AXS formed a head-and-shoulders pattern at the end of September and a breakthrough from this predicted that AXS can go up to $90 and even touch $100 but guess what the bull rally pushed the coin to $153.
As per Analysts, this upswing was made up of a 117% surge from the neckline and 107% advance from the October 1 lows. AXS is roaming above the 361.8% trend-based Fibonacci extension level. It is expected that it will set up its new ATH for $157.52.
There is a space for correction, the $143 support level will be the first barrier for the retest. A breach of this price level is only possible if interested buyers continue to book profit. In this scenario, AXS can revisit the 121.88price level.
This correction will be calculated as the 22% pullback. Keeping the bullish trend aside, things can turn around if Axie Infinity holders decide to exit with the made profit. A close under $106 will make a new lower and cancel the bullish momentum.
If this happens then AXS will retest the 61.8% trend-based Fibonacci extension level at $96.15.
