Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Axie Infinity saw a sudden, large rally that breached the highs of a seven-week range
• The Fair Value Gap (FVG) and liquidation levels shed some light on how deep a retracement could extend before the next leg upward

Axie Infinity [AXS] noted some gains last week as the crypto market raced higher following Bitcoin’s [BTC] bullish strength. Yet, a deeper look at AXS showed that most holders of the token were “out of the money“.

Read Axie Infinity’s [AXS] Price Prediction 2023-24

After the selling pressure was exhausted a zone of support was created at $4. The recent breakout past $5 halted at $6, a higher timeframe resistance zone that acted as support back in July and August.

The resistance at $5.7 was not convincingly beaten yet

The past two days saw AXS hover just below $5 for a few hours before pushing higher to $6, representing gains of over 20%. The Relative Strength Index (RSI) remained above neutral 50 to signal a bullish trend in progress on the four-hour chart.

The On-Balance Volume (OBV) spiked higher to signal a large influx of trading volume. This volume arrived during the breakout and reinforced the idea of bullish intent. The market structure was also bullish on both the H4 and the daily charts.

The Fibonacci retracement levels highlighted significant pl

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Author: Akashnath S

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