Axie Infinity has lost 95% of its value from its ATH
The cryptocurrency trades on a symmetrical triangle
A breakout could decide the next price direction for AXS
AX Infinity (AXS/USD) has been one of the hardest hit cryptocurrency this year. The token of the play-to-earn platform has lost 95% of its value from its all-time high. However, the last two months of the year can give some hope.
AXS hit a low of $5.9 in early November. The cryptocurrency has occasionally made some rapid price increases, once touching $14. The price, after a sudden drop, has failed to inspire a comeback. However, the price action of AXS shows that the cryptocurrency continues to rise. Trading at $7.0 as of press time, AXS had maintained a nearly symmetrical triangle. What is its price going forward?
Perhaps we should start by mentioning that the Axi Infinity saw a few enhancements from the latest cryptocurrency news, That Axie Infinity’s Origins game app was successfully OK’d on the Google Play Store. XY lovers will be excited by this news as it opens up more opportunities for web 3.0 gaming. AXI said the approval allows it to continue “testing and improving the game”. The team hails the development as key to launching Origin in other parts of the world.
Exploding Infinity Tokens Enough? No, but there are positives from the price action.
AXS Sustains Short-Term Price Recovery
On the daily chart, AXS is trading within a symmetrical triangle, although the descending trendline is slightly bullish. The RSI is registering a correction, although the reading is below the midpoint.
Beyond the symmetric triangle AXS will break.
Will AXS break above or below
A break from a symmetrical triangle can occur at the top or bottom. A break out on the descending trendline will determine the bullish momentum. We consider this to be the most likely scenario since axs value coming out from below. Conversely, AXS could break down to trade back at the lower price.
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