Axie Infinity (AXS) price reaches its highest level every year
The price of Axie Infinity (AXS) is up 160% this year and hit a new annual high of $11.05 today.
The price has risen from the most important long-term diagonal and horizontal resistance levels.
Axie Infinity broke out of the 700-day resistance
AXS price has risen since October, breaking out of a long-term downtrend resistance line. Before the breakout, the trendline was active for more than 700 days, with an all-time high dating back to November 2021.
The increase from the loss is fast, which leads to the recovery of the necessary horizontal resistance position. AXS price hit a new yearly high of $11.05 today. As of November 2023, AXS is up nearly 160 percent.
The Relative Strength Index (RSI) is a momentum indicator that traders use to assess whether the market is overbought or oversold and to rally or sell the asset.
A reading above 50 and an upward trend indicates that the bulls are still in advantage, while a reading below 50 indicates the opposite.
The RSI is rising and above 50, both bullish trend signals. Interestingly, this is the first time the RSI has crossed above 50 (green icon) since December 2021.
Read more: Axie Infinity (AXS) explained for beginners.
XS Price Prediction: Is This the Beginning of a Rally?
Using the Elliott Wave theory, technical analysts examine the psychology of recurring investors to determine long-term price patterns and trend direction.
The most predictable wave number indicates that the AXS price is in wave three of a five-wave up move (black). Wave three is usually the sharpest of the energy waves. Wave two was a running flat correction, indicating that the sign is with the bulls.
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Additionally, the daily RSI has broken out of the bearish divergence trend line (green) and is rising, both signs of a bullish trend.
The closest resistance position is 20% above the current price of $13. If wave three extends and wave one reaches 1.61 times the length, Axie Infinity could reach $17.20 resistance, more than 60% above its current price.
Despite this huge XS price projection, a failure to close above $13 could trigger a 30% decline to the nearest support at $7.50.
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