The Axie Infinity (AXS) price surges to a new yearly high
The price of Axie Infinity (AXS) has seen a significant increase this year, reaching a new yearly high of $11.05. It has also broken out from important long-term diagonal and horizontal resistance levels.
Axie Infinity breaks out from 700-day resistance
Since October, the AXS price has been on the rise after breaking out from a long-term descending resistance trend line that had been in place for over 700 days. The breakout led to a swift increase, reclaiming an important horizontal resistance area. Today, the AXS price reached a new yearly high of $11.05, marking a nearly 160% increase since November 2023.
RSI indicates a bullish trend for AXS
The Relative Strength Index (RSI) is showing signs of a bullish trend for AXS. With readings above 50 and an upward trend, it suggests that bulls still have an advantage. Interestingly, this is the first time the RSI has crossed above 50 since December 2021.
AXS Price Prediction: Is This the Beginning of the Rally?
Technical analysts using the Elliott Wave theory predict that the AXS price is currently in wave three of a five-wave upward movement. Wave three is typically the sharpest among bullish waves, indicating strong momentum with the bulls. Additionally, the daily RSI has broken out from its bearish divergence trend line and is increasing, further supporting a bullish trend.
If wave three extends and reaches 1.61 times the length of wave one, AXS could potentially reach the $17.20 resistance level, which is 60% above its current price. However, failure to close above $13 may trigger a 30% drop to the closest support at $7.50.
Hot Take: AXS price reaches new yearly high, indicating a strong bullish trend
The Axie Infinity (AXS) price has surged to a new yearly high of $11.05, marking a significant increase of nearly 160% since November 2023. The breakout from long-term resistance levels and the bullish signals from the RSI indicate that AXS is currently experiencing a strong bullish trend. Technical analysis suggests that the rally may continue, with potential targets at $17.20 resistance level. However, caution should be exercised as failure to sustain above $13 could lead to a significant drop in price.
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