The Axie Infinity (AXS) price reaches a 175-day high
The AXS price has seen a rapid increase since breaking out from a descending resistance trend line on October 21. After being rejected by a pivotal horizontal resistance area, the price regained momentum and reached a high of $7.51 before a slight drop.
Positive announcements contribute to the rally
Last week, the Sky Mavis team made several positive announcements, including the return of the original Axie Classic game and the launch of the Axie Infinity Merch Store. These developments have attracted more players to the ecosystem, with weekly users reaching 100,000 in just four days.
Cryptocurrency trader Quang Avenue is optimistic about the future price, highlighting a bullish inverse head and shoulders pattern that suggests an AXS price of $12.
AXS price prediction: Is $10 attainable?
Technical analysis using the Elliott Wave theory indicates that the AXS price is in the third wave of a five-wave upward movement. If wave five extends to 1.61 times the length of wave one, the price could reach $9.60 before correcting. This would align with a horizontal resistance area at $9.50 and represent a 35% increase from the current price.
If the breakout is invalidated and the price closes below $6.70, there is potential for a 25% decrease to the nearest support at $5.50.
Hot Take: AXS Price Surges to Highest Level Since June
The Axie Infinity (AXS) price has experienced significant growth, reaching its highest level since June. Positive announcements from Sky Mavis and bullish technical analysis have contributed to this rally. The future price remains uncertain, but if the current momentum continues, $10 could be within reach for AXS. However, a close below key support levels could invalidate the breakout and lead to a price correction. Keep an eye on further developments and market trends to make informed investment decisions.
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