Hurdles Blocking Axie Infinity (AXS) From Surging!
- Recent times have seen Axie Infinity (AXS) surging up.
- AXS faces certain hurdles upon again reaching another ATH.
- Hurdles in terms of Fibonacci series and resistance plays on hindering AXS’s surges.
The Axie Infinity (AXS) is obviously the largest blockchain-based game ever to date. Though being the biggest also accounts for the most inspiring native token from a blockchain-gaming platform.
In such terms, the month of November has been quite promising for the AXS. AXS reached it’s all-time-high (ATH) of whopping $165 within the first few days of November. Moreover, the graph remained constant for AXS to keep up its upward trend.
However, this surge and ATH of AXS was short-lived, as from the mid of November the price of AXS started dwindling down. In spite of this, there are quite a few hurdles for the AXS to overcome.
These hurdles are the main reason for the current downfall of AXS. Until or unless AXS thrashes past these vital points, AXS would be really facing hard times, and thus, reaching another ATH would be hard for AXS.
The Resistance Issues
The resistance factor occurs to be the primary concern for the AXS. Accordingly, taking into account the Simple Moving Average (SMA) for the past 20 days accounts to $136, which was on November 16.
Also, the next 50 days consideration for the SMA marks at $133. Therefore, these two resistance levels at $133 and $136 marks the resistance point for AXS.
Apart from overpassing these two resistance points, AXS would not be able to even touch its previous ATH.
The Fibonacci Retracement
The Fibonacci retracement level of AXS quite constraints to 78.6% at the price of $140. In addition to this, the AXS has to surpass $140 in order to break out the target level of 78.6%.
Moreover, if the current downward trend continues for AXS, then AXS has to hit 61.8% Fibonacci retracement at the price of $120.
In spite of all this, AXS could reach or surpass its previous ATH only after cracking the above-said issues.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
