Axie Infinity AXS/USDT : Recovery expected towards 119,00

Axie Infinity AXS /USDT : Recovery expected towards 119.00

Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players.
The Axie Infinity ( AXS ) token is an ERC-20 token launched on the Ethereum blockchain. As a result, it is secured by Ethereum’s proof-of-work (POW) consensus mechanism.

Context

AXS /USDT has been listed in the middle of the last year, so the historical data are not really mature for a deep target projection. However Focusing on Daily and 3H basis we can already highlight key technical elements to understand the actual picture

For now the initial raise can be describe in 3 wave up move (Corrective - A/) or 5 wave up move (Impulsive I/) - depend if you switch the scale between lin or log, on my side i would be more confortable with an impulsive move at this stage. So once that it said and as i described on the chart, the following move (down leg) has been done in 3 wave down (A-B-C corresponding to a logic corrective move in wave B/ if we are in ascending range towards 195.00 and more if we are in a impulsive long-term trend - it what we are calling a ''common part'' between to different scenario)

So the configuration is quiet nice because the wave A = Wave C and the market bounced off 50/61,8 retracement which are standard to respect a proportion for this kind of Harmonic / elliot wave pattern, the determinism of the behavior behind the scene is strong a significant rise is clearly more likely.

Tactical view (1 to 3 weeks)

As you can see for now the RSI and the 55/89 EMA didn't provide a bullish pre-signal, only the 21EMA is acting as support, and we have a small ''evening star doji'' capping the recovery. Those elements can call for a last down leg towards the strategic support but for now the construction of the recovery is more impulsive than corrective so those element for now stay weak within the long-term determinism on going.

As long as 49,70 remains key tactical support ( Pivot ) a direct rise is more likely towards 81,60 before 119,00

else penetrating 49,70 a test of 35,50 Strategic key support ( Pivot ) will occur before any bullish tentative

Also i recommand to have a look on SLP /USDT which is also a native ERC20 coin connect to Axie ecosystem, - i will soon published something on it

Enjoy !

Trade active:

Tactical view failed to reached target at 81,60 before penetrated the key support at 49,70

We are now focus on 35,50 key Strategic support // 28800 BTC to anticipate a new recovery (last chance)