Axie Infinity (AXS) set for a 50% upswing in this bullish thesis

Axie Infinity (AXS) is now starting to report some bullish consolidation. The coin had declined steadily since May 12, and there were worries it could retreat below $10. However, we are seeing signs of improvement, in fact, AXS could break out over the coming days. Here are some key facts:

• AXS is consolidating above the crucial $20 and has done so in the last 24 hours.

• This will likely trigger a bull run that takes the coin toward $27.

• AXS must however maintain the $17.98 support for this thesis to hold

Data Source: TradingView 

Axie Infinity – How it can swing 50% up

The bullish consolidation we are seeing with AXS comes after a period of decline. As a result, it could suggest that the coin is about to break out of its long-term downward trajectory. The key to watch though will be the $17.98 support. If the price action stays above this and manages to gloss over $20 at the end of trading today, then AXS will break.

In the end, the coin will likely settle at around $27 before its retreats. This will deliver gains of nearly 50% for AXS bulls. There is also another setup worth noting. A run towards $28 may not happen all at once. In fact, it is possible that AXS will try to test the $23.19 resistance first. 

The coin may be rejected at this price, after which it may fall back below $20. This is just a temporary setback. We expect AXS to surge past $23.19 even if it fails on the first attempt.

How will AXS perform in the future?

AXS has suffered a lot this year. The coin is ten times cheaper from its $200 highs just a few months ago. 

We expect this weakness to start abating during the second half of the year. Eventually, AXS could still hit $100 before 2022 is out.