After remaining in the red since September 4, Axie Infinity has been showing bullish signs that propelled it to a record high above 95 on September 3. Axie buyers are gathering their optimism again, as the crypto token has made some quick bullish turns, jumping from a low below 50 to a high of 68 in less than a day. 

At the time of writing, AXS/USD had gone up more than 17% in the past 24 hour, and it is on a steady course to erase the weekly losses, which now stand at only 3.16%. 

But at the same time, optimism is also crawling back in the rest of the cryptocurrency industry. Bitcoin has increased by 4.26% in the last 24 hours, while Ethereum and Cardano have gained 7.53% and 9.66%, respectively. Most of the other cryptocurrencies also posted gains, despite the weekly prices showing a bearish market. 

Axie Infinity is getting boosted by the improving crypto sentiment after the industry rout. If the bullish sentiment continues to build, AXS/USD could be on its way to the previous all-time high, and buyers should look to jump in again. At the moment, the most appropriate question is: at which point should one buy AXS/USD?

 AXS/USD – A Technical Outlook

Axie Infinity 4-Hour Chart Analysis

The 4-hour chart shows that AXS/USD found support at 50 in the bearish market, and bounced back. However, we can see that it is trading just below the major resistance of 68.9 and approaching it fast. 

AXS/USD Trade Idea

Given the current gains in AXS/USD and the improving sentiment surrounding cryptos, I continue to hold a bullish view of the token.

Nonetheless, AXS/USD faces an uphill run. The crypto token must break above the resistance around 68.9 for us to see any further upside. This area has already proven to provide resistance, as prices have tested it several times before breaking lower, since the breach on September 7.

If prices were to break sufficiently above the resistance, I would enter a buy trade. My target would be at the next minor resistance of 77, 82, and potentially, the previous ATH.

Can AXS/USD Breach the 68.9 Resistance?

According to Benzinga, Axie Infinity ranked as the top NFT project as of September 17. On the day, the token posted a sales volume of $2.05 billion. This was the first time it surpassed the $2 billion sales mark. However, the volumes did little to cause gains, as AXS/USD plunged from a price of around 67 to a low under 50.

In recent days, the surge in AXS/USD has shown that its fans are not done yet, and the increase in volumes was just a tip-off of what was coming. 

Whether or not AXS/USD manages to break the 68.9 resistance will depend on its growing popularity and/or overall sentiment in the crypto industry. For now, volume and sentiment support further gains, and we anticipate AXS/USD reclaiming its previous record. Good luck!