Here is How Axie Infinity Can Reach $100 Again
Axie Infinity (AXS) has the potential to reach the $100 big psychological target if the current daily bullish flag target is met. There is a high probability that AXS's price is in the process to bottom as the current rally comes after a bullish divergence signal was spotted at the lows.
AXS Bullish Flag Pattern
The bullish flag is a continuation pattern that simply signals a pause in the prevailing uptrend followed by a continuation higher. The bullish flag target can be obtained by projecting to the upside the same price distance equal to the size of the pole.
In our case, the measured move target falls right near the $100 big psychological number.
We also have a break in the market structure as the price is starting to print higher highs and higher lows, which usually leads to higher prices.
However, technically speaking, as long as we trade below the key 200-day Simple Moving Average (SMA), we're still in a downtrend.
So, the bulls would need to clear that level to the upside as well to confirm a large-scale shift in the market sentiment.
Additionally, the Relative Strength Index (RSI) oscillator continues to stay above the 50 mid-level, signaling that the bullish momentum is still behind the current rally.
