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Bitcoin‘s price began to rise today, 1.5 hours before the opening, as U.S. exchanges were closed for the Christmas holiday. It’s the calmest week of the year on the macro front, and SEC members who have been overworking to bleed the crypto ecosystem all year now seem exhausted. Therefore, it appears that the market will be minimally affected by external factors in the coming days. But what about AXS Coin?
AXS Coin Price
The popular altcoin continues the day with an increase of nearly 30%, finding buyers at $10.2 as this article is being prepared. BTC sales seem to have increased demand for altcoins. Usually, BTC rises while most altcoins follow, but now altcoins are rising while the largest crypto by market value takes a back seat.
AXS price had put investors in an exciting wait since it broke out from the long-term declining resistance trend line in October. The tough resistance level had been in place for a full 700 days, and breaking the trend line from the November 2021 peak indicated the end of the downtrend. Today’s 30% rally confirmed this.
AXS price today pushed the 2023 peak to $11.05, marking a 160% price increase from last month to today. This is almost the same as the gains BTC has made since the beginning of the year. So, if AXS Coin is to outperform BTC, it needs to rise further.
RSI and price are increasing, and investors know this means the rally could continue. Of course, unless there’s a major disaster, the SEC doesn’t reject ETFs, or BTC doesn’t experience billion-dollar sales in minutes, the rally could persist.
AXS Coin Price Target
Weeks ago, we said network data indicated a revival in the Axie Infinity ecosystem. The number of users was increasing, and as we announced on Sunday, a new update will be made this week. So, AXS Coin’s double-digit rise isn’t all that surprising. But how far will this rally go?
Elliott Wave analysis tells us we are in the third leg of a five-stage upward movement, which historically is an opportunity for larger and faster rallies.
The daily chart’s RSI increase also confirms the Elliott Wave count, suggesting a larger peak is likely. Possible targets for the third wave are $13 and $17.20. If AXS Coin cannot surpass $13, it could retract to $7.50.
