The leading cryptocurrency saw new highs over $38,000, prompting altcoins to surge once more. However, the sentiment quickly reversed as BTC withdrew to support levels. Price fluctuations are expected, and corrections allow for the consolidation of strength for new peaks.
AXS Coin Analysis
Come Monday, November 27, and the crypto markets have witnessed new peaks in November. Investors are optimistic as 2024 approaches, with hopes multiplying. So, what’s the current state of AXS Coin? As previously mentioned, the price broke free from the downtrend line on October 21.
After rising to $7.51 before the recent decline, the price surpassed the horizontal resistance area. The RSI is above the neutral zone, suggesting a bullish divergence indicating AXS Coin’s price may rise further. The recent rapid movements of AXS Coin have sparked expectations for increased interest in p2e tokens. Moreover, on-chain data has also begun to recover alongside the price.
AXS Coin Price Commentary
Last week, the Sky Mavis team ignited a price surge with a series of significant announcements. Following the news that Axie Classic is making a comeback, weekly user numbers hit 100,000 in just four days. Additionally, the launch of the Axie Infinity Merch Store was announced. But what’s expected of the price? Analyst Quang Avenue anticipates a continued rise for the p2e token.
The analyst, highlighting the H&S formation, suggests that breaking out from this pattern could make a $12 target achievable. Readings based on Elliott Wave Theory also indicate a continued uptrend. In the most likely count, the price is in the 3rd wave of a five-wave upward movement, which typically leads to impressive peaks.
The fifth wave is expected to peak at $9.6, which aligns with the tough resistance level at $9.5. Following an intermediate correction, the final movement could exceed $10 in the fifth wave. Closures below $6.7 for AXS Coin could lead to a drop to $5.5.
