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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 27, 2023 08:30 UTC
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A Bullish Fightback Teases 35% Hike In AXS Price Next Month!
Axie Infinity (AXS) price boosts remarkably, with the number of users rising significantly.
The AXS price trend shows a rounding bottom reversal and signals a trend reversal.
The breakout rally in AXS price teases a price jump to the $9.50 mark.
Surpassing the 200D EMA, the AXS price has recovered 62% in the last 40 days as it launches from the $4 mark. The bull run even exceeds the $7 mark and continues to gain trend momentum as the market recovers.
Moreover, there is a rising number of users on the Axie Infinity platform, fueling the bullish trend in the AXS token. The growing user base marks a 31% jump in the last 30 days, as per Dappradar, pumping the 30D Volume to $51.64M by 115%. The impressive 30D growth is in line with the AXS price prediction that keeps a bullish approach.
Moving to the technical price chart, the AXS price trend maintains a positive trend with a reversal from $4. The uptrend undermines the prolonging bear phase and exceeds the 200D EMA and increases the Golden crossover chances.
Moreover, the $7 breakout signals a rounding bottom breakout and marks a trend reversal journey. The 4-day streak of bullish candles leading to the $7 break finds the support of increasing trading volume, cementing the breakout credibility.
Currently, the AXS price trades at $7.05 with an intraday growth of 5.26% forming a bullish candle. However, the long wick questions the possibility of a downtrend.
Technical indicators:
EMA: With a bullish turnaround in the Axie Infinity token price, the 200D and 50D EMA tease a golden crossover. Following the crossover, the sentiments will improve significantly and result in a longer uptrend.
MACD Indicator: As the buying pressure grows, the MACD and signal lines give a positive crossover and support the breakout rally.
Will AXS Price Breakout Rally Reach $9.50?
As the market recovery takes a breather, the next bull wave can fuel the AXS breakout rally. Moreover, the rising number of users over Axie Infinity signals a solid signal of recovery to tease a bull run.
Therefore, the growing positive sentiments and the rounding bottom breakout rally can boost the AXS price for a 35% jump to the $9.5 mark. Conversely, a fall below the $7 mark can retest the 200D EMA at $6.
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