AXS forms an inverse head-and-shoulders pattern, targeting a rise to $22, with $13 neckline resistance.
Primary support levels for AXS are $7.00 and $5.50, crucial for maintaining bullish momentum.
AXS breaches downward trendline, eyeing $8.00 resistance, projecting a 44.42% increase towards $11.40.
Axie Infinity appears to form an inverse head-and-shoulders pattern on the weekly chart, which anticipates $AXS to rise toward the neckline before a potential breakout as per analysis by Ali Martinez, a top analyst.The inverse head-and-shoulders pattern typically signals a shift towards bullish momentum in the market.
Based on the current price behavior, there are indications that AXS could be preparing for a notable upward trajectory. The key resistance level to watch is the neckline at $13.00.
#AxieInfinity appears to form an inverse head-and-shoulders pattern on the weekly chart, which anticipates $AXS to rise toward the neckline at $13 before a potential breakout to $22. pic.twitter.com/99kVKwUrwc
— Ali (@ali_charts) May 23, 2024
A breakout above this level could confirm the bullish reversal, potentially pushing the price toward the target resistance of $22.0 which is approximately 68.24% above the neckline.. This target is calculated by measuring the distance from the head’s lowest point to the neckline and projecting it upwards from the breakout point.
Source: Ali charts
In terms of support, the primary level is at $7.00, just below the current price. This level is crucial for maintaining the integrity of the right shoulder and the overall pattern. If the price drops below this support, the next significant level is $5.50. Historically, this level has provided strong support during the formation of the head and the left shoulder.
On a shorter timeframe, the 8-hour chart shows a significant downward trendline that has been recently breached. As further noted by Captain Faibik, an analyst, this breakout indicates a possible end to the bearish phase and the beginning of a bullish trend with a promising +40% bullish rally .
$AXS Major Trendline Breakout & Retest has confirmed on the 8hr timeframe Chart.. ✅Looks Promising for the +40% Bullish Rally in the near term. 📈#Crypto #AXS #AXSUSDT pic.twitter.com/VrxIndGIDc
— Captain Faibik (@CryptoFaibik) May 23, 2024
The immediate resistance level is $8.00, which is critical as it represents the first hurdle following the trendline breakout. If AXS can overcome this level, the next major resistance will be at $11.40, marking a potential 44.42% increase from the current price.
Primary support on this chart is at $7.00, essential for maintaining the bullish momentum. Should the price fall below this, secondary support is at $6.00, a level that has historically offered substantial support during downtrends.
Source: Captain Faibik
The overall market sentiment for AXS is shifting towards bullishness, bolstered by these technical indicators. Traders are closely monitoring the $8.00 resistance level. A successful breach of this level could trigger a rally towards the projected target of $11.40.
At present, Axie Infinity is valued at $7.73, with a trading volume over the last 24 hours reaching $42,580,877. This reflects a minor decrease of 1.95% during that period.
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