Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- AXS reversal hit a local demand and support zone of $4.40.
- AXS has been in the accumulation phase since August.
Since late September, Axie Infinity [AXS] buyers have benefited from the local support and demand zone of $4.40. Although the initial two retests on the support saw buyers enjoy +9% gains, a recent hit on the same level didn’t lead to a similar price performance.
Read Axie Infinity’s [AXS] Price Prediction 2023-24
Is another buying opportunity feasible at the support?
The local support at $4.40 also doubled as H4 bullish order block (OB) of $4.40 -$4.44 (cyan). The level has prevented a further price plunge since 25 September, allowing bulls to front a recovery.
At press time, the recent pullback has eased at the local support. If the previous trend repeats and Bitcoin [BTC] doesn’t post extra short-term losses, AXS could rebound to the demand and local support zone of $4.40 -$4.44 (cyan).
If so, the rebound could offer a modest gain of +2%, with the immediate take-profit target at $4.55 (a recent high).
A crack below the support zone will invalidate the bullish thesis. Such a move could encourage sellers to extend gains to $4.30 or $4.34.
Meanwhile, Spot demand has declined significantly since mid-September, as shown by the retreating of the OBV (On Balance Volume). Besides, the buying pressure weakened, as demon
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Author: Benjamin Njiri
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