Axie Infinity price is consolidating above an uptrend line that could deliver more gains for investors.
AXS could rise 30% if bullish momentum continues in the same trajectory.
A daily candlestick close below the 50-day EMA at $8.81 will invalidate the bullish thesis.
Axie Infinity price (AXS) has been recording higher highs and higher lows since the first week of March as the bulls maintain the lead. The price action has set AXS to consolidate along an uptrend line delivering more gains for investors. If the trajectory maintains, the metaverse token could soon breach a critical resistance into an expanse where traders could rake in more profits.
Axie Infinity price eyes more gains as bulls grasp key recovery opportunities
Axie Infinity price is on course to record more gains, a move hugely attributed to bulls’ successful effort to maintain the lead. Based on the trajectory shown in the daily chart, AXS has been trading at a high level since March 10, with the price rising 25% to the current $9.11.
If bulls maintain the same accumulation pattern, Axie Infinity price could rise to tag the next barricade at $10.10, retesting the early March highs. In highly bullish cases, AXS could extend a neck higher to confront the 200-day Exponential Moving Average (EMA) at $11.26 or make a 28.70% climb to tag the $11.73 target.
The bullish outlook for AXS draws support from the Awesome Oscillators (AO), which were positive and flashing green to show that bulls were leading the market. In the same way, the Relative Strength Index (RSI) at 57 indicated there was more room north.
Further bolstering the bullish thesis is the fact that AXS had strong support downward due to the 100- and 50-day EMAs at $9.04 and $8.81 levels, respectively. These supplier congestion levels provide the ideal recovery points or entry points for sidelined investors.
On-chain metric supports the bullish thesis for Axie Infinity price
Santiment data social volume metric also supports the bullish case for Axie Infinity price. The data shows that AXS social volume has been increasing steadily since early March, rising from 21.83 on March 3 to a peak of 760 on March 19. The social volume metric now stands around 213, marking a nearly 900% increase between March 3 and April 17.
Social volume is a key indicator because it represents the overall activity of a security or a market. A significant increase in social volume can indicate an increasing interest in AXS among traders and investors.
Conversely, if buying momentum fades, AXS bears could seize the opportunity to pull down the Metaverse token’s market value. In such a scenario, Axie Infinity price could drop below the 50-day EMA at $8.81 and into the cliff, presenting under the uptrend line. A daily candlestick close below this level will invalidate the bullish thesis.
Further, Axie Infinity price could extend a leg south to tag the $7.78 support level or, in the dire case, revisit the $5.98 support flow before collecting sell-side liquidity under this level.
