Axie Infinity (AXS) Surges Past $10 – Is a Bull Run Starting?

Have you heard the latest about Axie Infinity’s (AXS) price? It’s been a rollercoaster! This year, it’s soared by 160%, hitting a new annual peak of $11.05. And guess what? It’s not just a fluke. The price has smashed through some pretty significant resistance levels that have been around for a long time.

Axie Infinity Escapes 700-Day Resistance Hold

Let’s rewind to October. That’s when AXS started its upward journey, breaking free from a downward trend line that had been its nemesis for over 700 days, dating back to its all-time high in November 2021. Since breaking through that barrier, AXS’s price has been on a tear, reclaiming a crucial resistance area and reaching that new yearly high of $11.05. That’s nearly a 160% jump since November 2023!

Source: TradingView

The Technical Side: What’s the RSI Saying?

Traders love the Relative Strength Index (RSI) – it’s like a crystal ball for whether a market is overheating or cooling down. An RSI above 50 with an upward trend is like a green light for the bulls, while below 50 signals caution. Right now, AXS’s RSI is above 50 and climbing, indicating a bullish trend. Fun fact: this is the first time it’s been this high since December 2021.

Predicting AXS’s Price: The Bull Rally’s Beginning?

Ever heard of the Elliott Wave theory? Analysts use it to read long-term price movements and investor behavior. It’s like trying to predict the mood of the market. The current wave count hints that AXS is in the third of a five-wave upward swing. And this third wave? It’s typically the most dynamic. The recent breakout in the daily RSI adds to the bullish signals.

Now, let’s talk numbers. If the momentum keeps up, AXS could hit $13, a 20% jump from now. And if things really take off, reaching 1.61 times the length of wave one, we could see prices around $17.20, which is 60% above the current price.

Source: TradingView

But Wait, There’s a Catch

As exciting as this bullish prediction for AXS is, it’s not all smooth sailing. If it doesn’t stay above $13, we could see a 30% dip to around $7.50. So, as always, keep an eye on the market – it’s full of surprises!

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