Here is why AXS price is looking at a 15% climb to $9.40
Axie Infinity price (AXS) is trading with a bullish bias on the lower timeframe, moving upwards along a bullish trendline. The gaming token followed the precedent set by the broader market, with Bitcoin (BTC) and Ethereum (ETH) taking the lead. It posted a red bar on the chart on March 15 as extreme volatility in the crypto sector spread amid the ongoing financial crisis in the United States. AXS also reacted to Tuesday’s Consumer Price Index (CPI) release. Currently, the altcoin is on course to record further gains for investors as anxiety about these recent events continues to ease.
Axie Infinity price on a recovery mission
Axie Infinity price is recovering after recent declines in the broader market. The token is up almost 4% in the last 24 hours as it moves along an uptrend line on the four-hour timeframe. Such a technical formation is defined with an asset recording higher highs and higher lows connected with a straight line. AXS will increase in market value if it stays above this trendline.
The positive rally for Axie Infinity price has seen the token break past the resistance confluence between the horizontal line and the 50-day Exponential Moving Average (EMA) at $8.10. At press time, AXS is auctioning for $8.13. An increase in buying pressure past this level could propel the gaming token to confront the 100-day EMA at $8.47. A decisive flip of this resistance level into support would solidify the bullish case for the short term.
Beyond the abovementioned roadblock, Axie Infinity price could tag the 200-day EMA at $9.02 or, in highly bullish cases, reach its target at $9.40. Such a move would denote a 15.12% climb from current levels.
If buyer ambition remains strong past this target, Axie Infinity price could rally further to tag the $10.66 resistance level last visited in February. This would constitute a 31% climb from the current price.
Notice there was a bullish crossover on the four-hour chart, which was authenticated when the Relative Strength Index (purple) crossed above the Stochastic RSI (yellow). Such a technical formation is often interpreted as a buy signal, and if AXS bulls heed, Axie Infinity price could ramp north.
AXS/USDT 4-hour chart
On the downside, if traders ignore the call to buy AXS and start taking profits instead, the token’s market value could dip, first losing the support confluence at $8.10. Such a move could provoke Axie Infinity price to descend below the uptrend line. A daily candlestick close below this trendline at $7.98 could invalidate the bullish narrative.
In dire cases, the downtrend could continue, sending Axie Infinity price to the $7.01 support level, from which the token bounced on March 10. Such a move would denote a 13.96% decline from prevailing rates.