Axie Infinity Hits New All-Time High Again, After Massive 60% Jump
Axie Infinity is up more than 60% in a daily chart, as the altcoin price jumped from $43 to over $70 at the time of writing.
Axie Infinity (AXS) finally burst through resistance and reached a new all-time high after a brief consolidation period. Now that AXS entered price discovery mode, another leg up seems imminent.
More Gains Looming for Axie Infinity
The 280% surge that AXS went through between Jul. 20 and Jul. 27 seems to have created the flagpole of a bullish flag pattern that formed on this cryptocurrency’s 12-hour chart. Meanwhile, the symmetrical triangle that developed following the massive upswing created the pattern’s flag.
A recent spike in buying pressure allowed AXS to slice through the flag’s upper trendline at $45. The breakout has seen this cryptocurrency gain over 60% in market value to reach a new all-time high of $72.63.
If buy orders continue to keep coming in, Axie Infinity could rise further toward $78, which now seems to be happening. This target is determined by measuring the flagpole’s height and adding that distance to the breakout point.
It is worth mentioning that AXS needs to hold above $53.60 for the bullish flag to remain as the governing pattern behind its price action. If sell orders were to pile up around the current price levels leading to a breach of the underlying support, then an increase in profit-taking may come into play.
Under the unique circumstances where Axie Infinity loses $53.60 as support, it would be prone to a steeper decline toward $45 or $38.50. Moving past the $38.50 demand wall could serve as confirmation of a trend reversal from bullish to bearish. So far so good.
