If you had an AXS price prediction for a bullish continuation of the price, you have been proven right. As expected, the bullish pennant has played out, sending the pair to new record highs.
The spike in the price of the AXS token follows renewed investor interest in crypto gaming tokens. Axie Infinity sits on top of the pile with a market cap of $9,557,783,912, according to Coinmarketcap.com.
More than $2.6 billion worth of AXS tokens were traded in the last 24 hours. The token rallied as part of the surge in Metaverse-themed tokens following Facebook’s rebranding to Meta.
AXS is up 23.83% as of writing.
The break of the bullish pennant on the AXS/USDT daily chart is within touching distance of the resistance at 160.59. This is the 127.2% Fibonacci extension of the price swings of 27 June, 4 September and 21 September. A measured move towards the 190.69 price level can be expected if the advance continues beyond this level, but 172.94 (141.4% Fibonacci extension) could be a stumbling block.
At this point, a contrarian move only gets its strength from a pullback at 160.59. This move would leave the 5/14 October highs at 145.72 as a southern barrier before 136.92 comes into the picture as a retest target. Subsequent declines must break below the lows around the pennant’s lower border at 115.46. Failure to defend this level allows the swing high at 93.94 to become a downside target.
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This post was last modified on %s = human-readable time difference 18:29