Axie Infinity [AXS] – All you need to know about the upcoming inflection point

ambcrypto.com:

Axie Infinity’s price reveals a bullish intent from a technical perspective, but on-chain metrics present warnings. There is one significant hurdle that could make or break AXS and where it could head. Therefore, investors need to exercise caution with their investments in the coming days.

AXS has come a long way since its breakdown from the head and shoulders pattern on 24 April. This technical setup contains three distinctive peaks with swing lows bouncing off a stable support level known as “neckline.” 

The central peak is the tallest and is termed the “head,” while the peaks on either side of the head are known as “shoulders” and are of comparable heights. A breakdown of the “neckline” triggers the downswing.

This setup is a popular reversal pattern and usually signals distribution in the asset and represents the end of the trend uptrend. The target is obtained by adding the distance between the peak of the head and the neckline to the breakout point. 

Considering AXS breached the neckline on 24 April, the forecast reveals a 72% crash to $12.38. Axie Infinity’s price crashed by 63% in roughly 16 days and set a swing low of $16.22. Since then, the altcoin has recovered by 38% to where it traded at press time – $22.29.

Considering the state of Bitcoin and its bulls, an uptrend seems likely. Therefore, interested investors can position themselves in the same direction for a nice profit. The first hurdle that AXS will face is $26.23. This barrier is an inflection point and could make or break the next leg. 

A recovery above this level that flips it into a support floor will indicate a resurgence of buyers. Alas, it is unlikely unless BTC goes on a full-blown rally. A rejection could see AXS continue its downtrend to its