• AXS shows signs of trend reversal with a breakout above the trendline, hinting at bullish momentum.
• Analyst Ali has noted key resistance levels at $8.00 and $11.40, while $7.00 and $6.00 offer crucial support.
• The formation of an inverse head-and-shoulders pattern on the weekly chart adds to bullish sentiment.

The recent price action of Axie Infinity has caught the attention of market experts alike, as the cryptocurrency appears to be undergoing a significant trend reversal. After a prolonged period of bearish momentum, marked by lower highs and lower lows, AXS has finally broken out above a key trendline on the 8-hour timeframe chart, hinting at a potential shift toward bullish territory.

As highlighted by Captain Faibik, an analyst, this breakout is not only significant in itself but also confirmed by a retest of the trendline, adding further validation to the newfound bullish momentum. With the downtrend potentially coming to an end, investors are eyeing a 40% bullish rally in the near term, fueled by the anticipation of price reaching new heights.

As further noted by Ali Martinez, the formation of an inverse head-and-shoulders pattern on the weekly chart further adds to the optimism on AXS market. This suggests a potential rise towards the neckline at $13 before a breakout towards $22.

Key resistance levels have been identified to gauge the strength of this bullish momentum. The immediate hurdle lies at $8.00, where the price is currently being tested. Breaking above this level could pave the way for further upside movement towards the major resistance at $11.40, representing a substantial 44.42% increase from the current price.

On the support side, $7.00 emerges as the primary level to watch, providing essential backing to sustain the bullish momentum post-breakout. Should the price retreat, $6.00 stands as a formidable secondary support, historically proven to offer significant downside protection during the downtrend.

The breakout above the trendline not only signifies a potential shift in market sentiment but also hints at bullish prospects for AXS in the coming days. The projected target of $11.40 indicates a notable upside potential, drawing attention from traders seeking to capitalize on the momentum shift.

As of press time, Axie Infinity’s price is $7.76, accompanied by a 24-hour trading volume of $42,439,456. While the token has experienced a slight decline of 0.98% in the last 24 hours, the trading volume has seen a significant decline of 25%, with a value of $43 million. 

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