Axie Infinity (AXS) was one of the first gaming tokens to go on a strong run with huge % gains. The most recent impulse movement began from Sept to Nov 2021 where AXS made an ATH of ~164 and increased by ~223% in that period. Since then, AXS has been trading in a descending channel where it has found good support at the 38.2 fib level which is often a strong area to buy after an impulse movement has occurred.
Assuming the support holds, AXS can trade toward the upper end of the descending channel and with enough volume, breakout of this channel with a mid-term target at the 61.8 level. In the case of an exceptionally strong impulse movement, it can target the 78.6 fib. Of course, all alts still answer to BTC (apart from a few gems...) so trade carefully.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
Assuming the support holds, AXS can trade toward the upper end of the descending channel and with enough volume, breakout of this channel with a mid-term target at the 61.8 level. In the case of an exceptionally strong impulse movement, it can target the 78.6 fib. Of course, all alts still answer to BTC (apart from a few gems...) so trade carefully.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!