Axie Infinity (AXS) finally managed to break away from its downward momentum that’s been going on for the last six months.
Based on the most recent data CoingeckoToday, crypto assets reached their peak at $11.29 before a slight price correction caused it to drop more than 7 percent over the next 24 hours.
- AXS is now in recovery from the severe selling pressure that hampered it in October.
- AxieInfinity is aiming for a 23% increase to exceed the $13 mark
- AXS needs to close today’s session staying above $10.3 for it remain bullish
AXS trades at $10.47 at the time this article was written. The stock has increased by 12.7% (and 16.1% respectively) in the seven- and fourteen-day periods.
The altcoin has shown signs of a bullish rally, which could see it surpass the $13 threshold.
There is a clear path to Axie Infinity recovery
During the last few days, the cryptocurrency’s price movement was caught in a double bottom pattern that established $8.5 zone as base support region.
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Axie Infinity has been able to take advantage of the recent rise in crypto markets. ReboundWith its 24-.5% increase, it surpassed $10.3 and reached the critical zone.
AXS was able to achieve this kind of performance and get out of its bearish cycles. AXS is now ready to give a strong push to increase its spot trading prices by over 23%.
In order to do that, the digital currency needs to make sure that it will keep the $10.3 range as today’s sessions come to an end. This will allow the virtual coin to increase its change value from $10.3 to $13.15.
Traders must however be on the lookout for this potential problem, since AXS could lose its position at the moment and invalidate any bullish thesis.
Still Feeling the Pressure from AXS Vesting Period Endurance
AXS continues to feel the side effects. Incredible selling pressureIt experienced an October 24, 2008, end of the vesting period.
This happens in the crypto market, and is often followed by substantial price drops as sellers finally have the opportunity to sell after long waiting.
The vesting periodRefers to the required time period for early investors to hold their crypto tokens or projects.
AXS was unable to surpass the $10 threshold on October 26, despite the bullish rally that the crypto market launched to win the $1 trillion market cap.
Now, cryptocurrency can return to its bullish side if it can maintain its range and prevent further decline.
AXS market cap at $1 billion on the weekly chart | Featured image from Bitcoin News, Chart: TradingView.com Disclaimer: This analysis should be understood as an author's view of the crypto market. It is not intended to replace investment advice.