- The $50 and $32 support levels remain if the bearish reversal occurs.
- Price movement has formed a double bottom pattern at the $50 support level.
Even though Meta coins were subjected to severe bear assaults during the current correction phase of the market. Meta (Facebook), Apple, and now Disney has joined the Metaverse environment, which has dramatically accelerated the growth of the Metaverse ecosystem.
Moreover, the Bitcoin price reclaims the $40000 level, which has favorably affected market sentiment, leading to an increase in the value of altcoins.
Axie Infinity is a blockchain-based trade and fighting game partly owned and managed by its users. The AXS token price has begun a corrective phase inside a falling channel pattern evident on the daily chart after finding supply at the $160 level. In order to find demand in the $50 support area, it must be the first breakthrough for many levels of support.
Bullish Momentum to Continue
Token price movement has formed a double bottom pattern at the $50 support level, which may soon test the falling channel’s resistance trendline. This dynamic barrier is further supported by an oscillator of the 20-day moving average (EMA).
As the slope breaks and leaves the oversold zone, the RSI indicator reveals a rise in the underlying bullishness. A bullish divergence in the double bottom pattern is evident when the slope rises above the 14-day simple moving average (SMA).
The trendline of the falling channel and the $85 mark act as a barrier for the post-breakout rally. However, the $50 and $32 support levels remain if the bearish reversal occurs. According to CoinMarketCap, the Axie Infinity price today is $61.98 USD with a 24-hour trading volume of $1,132,685,591 USD. Axie Infinity has been up 14.07% in the last 24 hours.
