- Axie Infinity price confirms a breakout from the bullish pennant pattern.
- AXS is likely to advance another 53% to set up a new high at $225.
- A daily close below $117 will invalidate the bullish thesis.
Axie Infinity price is on an uptrend after it breached a crucial barrier. This upswing faced a temporary setback, but it seems to be back on track to set new highs. Therefore, market participants need to see a massive spike in buying pressure to kick-start this rally.
Axie Infinity price prepares to launch
Axie Infinity price traverses a bullish pennant pattern, which suggests a continuation of an uptrend after a brief period of consolidation.
From September 22 to October 4, Axie Infinity price rose roughly 213%, which was followed by an immediate consolidation. While the first leg-up is known as a flagpole, the second is referred to as pennant. This technical formation is known as a bullish pennant continuation pattern and forecasts a 67% upswing to $225, obtained by adding the flag pole’s height to the breakout point.
Axie Infinity price breached the pennant on October 29 but did not see an awful lot of buying pressure. However, the recent pullback after the November 10 flash crash presents a perfect buying opportunity. Therefore, positioning long here would be the optimal move as AXS is just a potential spike in buying pressure away to trigger a bull rally. Assuming this happens, it will propel Axie Infinity price the rest of the way to $225 after a 53% rally and set a new high.
AXS/USDT 9-hour chart
While things are looking up for Axie Infinity price, if buyers fail to muster up the momentum, the uptrend is unlikely to happen. In such a case, if Axie Infinity price retraces lower and produces a daily close below $117, it will invalidate the bullish thesis.
This move could potentially trigger a downswing to the next support level at $95.
