Whether Axie Infinity [AXS] will go this way or that will depend on…

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Axie Infinity [AXS] has finally provoked a series of higher peaks on a streak of bullish engulfing candlesticks after its pennant’s breakdown.

Due to recent developments on its platform, AXS did relatively well by outperforming most of its peers over the last two days.

Despite a reversal from the $27-level, the altcoin’s hike above the basis line (green) of Bollinger Bands (BB) has flipped the 20 EMA (red) to support. A potential bounce-back could help AXS test the lower boundary of the Pitchfork in the coming sessions.

At press time, AXS was trading at $22.421, down by 8.88% in the last 24 hours.

Source: TradingView, AXS/USD

The crypto has resonated with the market-wide trends for the most part until recently. After dropping below some crucial price points, the altcoin sailed around the $20-baseline near its Point of Control (POC, red) for two weeks.

Furthermore, AXS registered a bearish pennant after a steep flagpole on the 4-hour timeframe. The recent down breakout pulled the coin to retest the long-term $17-floor before the buyers swopped in. As they evoked a substantial uptick in buying volumes, the altcoin registered a 60% incline between 30-31 May.

With the basis (green) and the POC currently coinciding at the $21-level, AXS could find a bounce-back opportunity. Also, the 20 EMA and the 50 EMA (cyan) undertook a bullish crossover after two months.

A close above the lower fence of the Pitchfork would open up a doorway to retest the upper band of the BB. The altcoin could enter a relatively tight phase in the $20-$22 range if the bulls dwindle.

Source: TradingView, AXS/USD

The RSI’s equilibrium