- Axie Infinity price looks ready for a 70% upswing to $225.97.
- The breakout from the symmetrical triangle suggests a volatile move is likely.
- If AXS produces a 12-hour close below $117.20, it will invalidate the bullish thesis.
Axie Infinity price is waiting for a volatile move as it recently broke out of a bullish continuation pattern. Therefore, investors need to be prepared for a massive move that pushes AXS to new highs.
Axie Infinity price saddles up for quick run-up
Axie Infinity price breached the bullish pennant pattern on October 29 and is currently bouncing after retesting the pennant.
AXS rose 222% from September 21 and slid into consolidation after setting up a new high at $154.9 on October 4. This move was followed by multiple lower highs and higher lows, which reveal the formation of a pennant when connected using trend lines. Together with the initial run-up, known as a flag pole, and the pennant formation is called a bullish pennant continuation pattern.
This setup forecasts a 67% ascent, obtained by adding the flag pole’s height to the breakout point at $134.88.
Therefore, a potential surge in buying pressure is likely to propel Axie Infinity price toward the intended target at $225.97.
In some cases, AXS might extend this run-up beyond the theoretical prediction level and tag the $300 psychological level.
AXS/USDT 12-hour chart
While things are looking up for Axie Infinity price, if the bears pull a 180, pushing AXS into the pennant, it will indicate that the buyers are not ready for a run-up. This development would also suggest that the breakout was a failed attempt from bulls.
However, if Axie Infinity price produces a twelve-hour candlestick close below $117.20, it will invalidate the bullish thesis. In this scenario, AXS could venture lower to a stable support level at $94.85.