Axie Infinity (AXS) Maintains $4.50 Range Since August — Price Analysis
AXS price is still consolidating above $4 since August, but a breakout looks near. Next trend depends on the breakout direction.
Key Takeaways
- AXS consolidates around a key support level of $4.
- Potential bullish breakout if price holds above recent lows.
- A downtrend is likely if the price falls below $4.
AXS reached a yearly high in March before entering a prolonged consolidation phase around its $4 support.
The current consolidation may signal the start of a new bull phase or a continuation of a downtrend, with an upcoming breakout likely determining the next trend direction.
AXS Price Analysis
The price of AXS reached a yearly high of $13.50 on March 10, from a low of $4 in October last year. Its 230% rise developed a five-wave pattern, and we saw a sharp downturn since it was concluded.
At first, the price fell to $6 on April 13 and made a minor recovery to a high of $8.80 by June 5.
Another downside advancement occurred, reverting the price to its horizontal support of $4 on Aug. 5. Since then, it has consolidated, moving sideways around $4.50.
A descending resistance formed, but the price was mostly kept below $5.50, its horizontal resistance in the sideways range.
If the previous uptrend was a five-wave move, AXS could have completed a three-wave ABC correction on Aug. 5. In that case, the current consolidation would have started a new bull phase.
On the other hand, since we didn’t see any major bullish signs, the sideways move could be interpreted as the fourth wave from a five-wave downtrend, leading to a lower low below $4.
So, what will happen next as the AXS price approaches the end of its consolidation phase?
AXS Price Prediction
Looking closely at the 4-hour chart, the consolidation appears in a five-wave pattern since Aug. 5.
This formation is unusual for the start of an uptrend, where an ascending triangle or a leading diagonal would typically appear.
While no clear bullish signs have emerged, we consider the bullish outlook a possible scenario. Once a breakout occurs, though, it’s clear which side will prevail.
Either the pattern from the August low is a five-wave impulse or an ABCDE correction until its last high of $5.50 on Oct. 21.
This is why its next move will provide further insight into the primary count and the likelihood of each scenario. If the count is bullish, AXS finished its correction and started a new upward advancement on its recent low of $4.43.
However, if the count is bearish, AXS has started a new downtrend since the Oct. 21 high. As it currently trades above its recent high, to stay bullish, it needs to maintain a higher price and start a near-immediate rally. Falling below $4.40 will invalidate the bullish possibility, and lower values below $4 would look more likely.
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