The price of the Axie Infinity token has increased by 14.60% today, setting the token’s price action toward breaking a two-month-old resistance around the $5.50 price level. Let’s see how things may proceed in this market.
Axie Infinity Market Eyes a Breakthrough of a Two-Month-Old Resistance
Trading activity in the AXS daily market has been below the $5.50 threshold for about two months. However, the price increase seen today in the Axie Infinity market suggests that investors may be eyeing a more considerable price movement in subsequent sessions.
Currently, the token trades above the upper limit of the Bollinger Bands indicator. Similarly, the Stochastic Relative Strength Index (Stochastic RSI) lines have just delivered an upward crossover near the 80 level of the indicator. Considering the magnitude of the price movement and the behavior of the Stochastic RSI, upside forces seem strong and may trigger more upward retracements.
AXS Bulls Are Staying in the Fight
Moving to the Axie Infinity 4-hour market, it is evident that upside forces are still active. While the previous session ended outside the upper limit of the Bollinger Bands indicator, a new one has started there. However, there are signs that downward forces are acting against bullish progress, yet buyers remain in the lead.
Additionally, the Stochastic RSI lines are rising into the overbought region, even though they appear hyperextended. Nevertheless, if upside forces are as strong as displayed on the daily chart, these indicator lines may remain in the overbought region, allowing the market to rise further. Consequently, traders can use crypto signals targeting the $5.750 and perhaps the $6.000 mark.
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