Axie Infinity (AXS) has shown impressive market performance recently, with its price breaking through a significant resistance level that had been in place for over 700 days. This breakout led to AXS reaching a new yearly high of $11.05, marking an increase of nearly 160% since November 2023.
Key Factors Behind the Surge:
Breaking Long-Term Resistance: AXS's breakout from a long-standing descending resistance trend line has been a crucial factor in its price increase.
Positive Technical Indicators: The Relative Strength Index (RSI) for AXS is showing bullish signs. A reading above 50 and an upward trend suggest a bullish market, and AXS's RSI has crossed above 50 for the first time since December 2021.
Elliott Wave Theory Analysis: Technical analysis based on the Elliott Wave theory suggests that AXS is currently in the third wave of a five-wave upward movement. This wave is often the sharpest and most significant in bullish trends.
Future Price Predictions: Analysts are optimistic about the future trajectory of AXS. If the current bullish trend continues, AXS could potentially reach $17.20, which is 60% above its current price. However, there is caution advised as well, as failure to close above the $13 resistance could trigger a price drop.
As the year comes to a close, AXS stands out as a significant player in the cryptocurrency market, showcasing robust growth and potential for further gains.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.