Axie Inifinity (AXS)
By Thu, Sep 30, 2021
Cryptos are hot and then they’re not, but every now and then there’s a crypto we simply can’t ignore.
Cryptocurrencies in general have been volatile and messy the last couple of months, but today’s Chart of the Week has actually been shining.
Axie Infinity (AXS) has been shining. In fact, AXS has been making new all-time highs relative to Bitcoin itself.
It’s the 34th largest crypto, valued around a $4.2 billion market cap, which would make it a mid cap stock if it was a publicly traded company rather than a video game cryptocurrency.
In terms of risk vs reward, this is simple.
We are long AXS above $70 with a price target of $105
Clearly defined and limited risk with 50% profit potential? Yes please.
Til next week, good trading,
JC Parets
Sponsored Ad
Free Training: 60-Minutes to Trading Freedom
Would you like to make more money in one hour of fun trading than working all day at a job?
Then check this out…
About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
