Axie Infinity (AXS) Price Rallies Breaking the $55 Critical Resistance

Axie Infinity Raises $150M to Repay Customers Affected by Ronin Hack
  • The rally may leap past $60, putting pressure on the critical barrier at $60.
  • The $45 level may be tested if a significant negative trend develops.

At regular periods, the Axie Infinity price has shown massive bullish momentum. However, as the AXS price hit a certain resistance level, it dropped dramatically, causing massive selling pressure. The price may fall to lower support shortly if these circumstances persist. In the short term, a significant dip might stifle the rise, but the asset is highly optimistic in the long term. Moreover, the crypto market has rebounded with Bitcoin and Ethereum trading in green.

AXS/USDT: Source: TradingView

Bullish Momentum Likely to Continue

AXS’s price had fallen as low as $46, but it quickly rebounded, igniting a 36% rally. However, the AXS attempted to break past the $55.11 resistance and finally was able to clear past and is now trading at $56.11 before going all the way up to the $61 mark. The next major hurdle, at $62, maybe easily overcome if buyers gather in more significant numbers. Bulls may be put to the test, which might lead to a bearish turn.

To begin with, there was a sound consolidation of the asset’s value. This was a necessary step in the right direction to continue the rally’s momentum. And to achieve that, the AXS price must first pass a few significant hurdles. Resistance in the area was at $55, with the next resistance level at $59. At this point, the rally may leap past $60, putting pressure on the critical barrier at $60. According to CoinMarketCap, the Axie Infinity price today is $55.59 USD with a 24-hour trading volume of $752,575,801 USD. Axie Infinity is up 2.21% in the last 24 hours.

As a whole, the AXS price might rise by as much as 40%. The bears will lose their gains unless the price holds over $51.48. The $45 level may be tested if a significant negative trend develops. However, it is possible that the trend of a downtrend would finally provide a lower bottom, which will invalidate all optimistic possibilities.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.