The leading cryptocurrency reached new heights, surpassing $38,000, which led to a resurgence in altcoin values. However, market sensitivity quickly reversed with Bitcoin’s retreat to support levels. While price fluctuations are expected, corrections are allowing for the accumulation of strength for new peaks.
On Monday, November 27, crypto markets saw new highs for the month. As 2024 approaches, investors are optimistic, with hopes multiplying. But what is the current situation of AXS Coin? As previously mentioned, the price broke out from the downtrend line on October 21.
Before the recent decline, the price rose to $7.51, surpassing the horizontal resistance area. The RSI is above the neutral zone, indicating a bullish divergence that suggests AXS Coin’s price could rise further. The rapid movements of AXS Coin have increased expectations of a growing interest in play-to-earn tokens. In addition, on-chain data is also beginning to recover along with the price.
Last week, the Sky Mavis team triggered a price increase with a series of significant announcements. The return news of Axie Classic resulted in the weekly user count reaching 100,000 in just four days. Additionally, the launch of the Axie Infinity Merch Store was announced. So, what is the price expectation? Analyst Quang Avenue predicts that the rise of the play-to-earn token will continue.
The analyst suggests that an exit from the H&S formation could lead to a target of $12. Readings based on the Elliott Wave Theory also indicate that the uptrend will continue. In the most likely count, the price is in the third wave of a five-wave rise, which usually leads to impressive peaks.
The fifth wave is expected to peak at $9.6, which coincides with the strong resistance level of $9.5. After an intermediate correction, the final move could surpass $10 in the fifth wave. Closures below $6.7 for AXS Coin could lead to a drop in price to $5.5.