After an 85% rally in October, Axie Infinity (AXS/USD) has been trading sideways and has been consolidating in the same $130 price range. Investors have been patiently waiting for a breakout which was seen at the start of November however AXS was not able to sustain the breakout and fell back down to the zone. However, investors must be patient and enter only once a clear breakout is seen. The long consolidation after the rally is looking like a great bullish structure however this can only be confirmed once a breakout is seen. Is AXS ready for a breakout?
Here is what the charts are pointing towards?
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AXS has been trading in the $130 zone ever since the sharp rally in October, however, AXS did try breaking out once however it failed and came back into the zone earlier this month.
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AXS is about to break the 50-day moving average, this could be an indication that a bullish rally is about to come.
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A breakout from the zone could yield some huge returns in the coming weeks and months.
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Investors must be patient, thus an entry should only be taken once a clear breakout is seen.
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A target of $164 can be set, followed by a new all-time high in the coming weeks.
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A stop-loss must be maintained below the zone in case a false breakout is seen.
