Axie Infinity (AXS) breaks out of the 92-day resistance line

Axie Infinity (AXS) has created a bullish pattern inside a long-term horizontal support area.

AXS has been declining along with a descending resistance line since hitting an all-time high of $166 on Nov.

After reaching the horizontal support area of ​​$51, AXS bounced up and broke out of the aforementioned descending resistance line. This means that the resistance line stood for 92 days before the breakout. Then it came back to validate it as support (green icon) on Feb 24th.

Prices have gone up since then. If the uptrend continues, the next nearest resistance will be at $92.

However, despite the recovery, AXS is still trading 66% below its all-time high price.

Cryptocurrency trader @AltcoinSherpa tweeted a chart of AXS, saying that the correction could be complete soon.

Technical indicators should be looked at to determine if AXS will continue to move up.

Bullish AXS Pattern

Technical indicators on the daily timeframe support the continuation of the uptrend. This is especially evident in the pronounced bullish divergence (green line) in both the RSI and the MACD. Such divergences often herald a bullish trend reversal.

Furthermore, the RSI has just moved above the 50 level, which is also considered a sign of bullish momentum.

Finally, the movement between January 18 and February 18 resembles a double bottom, which is considered a bullish pattern.

As a result, readings from the daily timeframe suggest a bullish trend towards $92 is likely.

The two-hour chart supports this assessment, as it shows that AXS has broken out of another descending resistance line. It then confirmed it as support on March 2nd.

As a result, the daily and two-hour charts align, suggesting that an uptrend is the most likely scenario.

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