- The token has been in an uptrend for the past several days.
The token has shown a good bull move after hitting its support level. The token is presently trading around its 200 EMA (the green line).
AXS on daily chart
The horizontal line on the chart shows that these levels at present are acting as a resistance for the token.A strong consolidation at present levels followed by a breakout of the consolidation zone, a bull move can be seen to its next nearby resistance i.e. $19.189420.
MACD – The MACD indicator has shown a bullish crossover which indicates that bulls have taken over bears. The bullish crossover also indicates that on the AXS daily chart an uptrend has started.
Relative Strength Indicator (RSI) – The relative strength indicator shows that the RSI curve is at 75.74 which is above its 50-point level. This is a positive sign for the token indicating that the price of the token may rise even higher.
Analyst views and expectations
We may observe a bull move in the coming days which can be beneficial for short-term investors because they may be able to earn a good amount of returns in a short period of time. As far as long-term investors are concerned they should wait until they see a Golden Crossover taking place on the chart.
CoinCodex predicted a relatively pessimistic short-term price for the cryptocurrency Axie Infinity. The website claimed that the token might decrease to $6.42 by 18 January 2023. With 22 indicators producing negative signals and only 8 producing positive ones, the technical analysis of the website was bearish.
The AXS coin might trade for $16.50 this year and $24.44 in 2024 according to a price projection produced by DigitalCoinPrice. The website predicted that by 2025, the value of Axie Infinity might perhaps be $30.15 and remain there through 2026 before starting to grow again to $35.64 in 2027, $49.99 in 2028 and maybe completing the decade at $69.75.
In the meantime, CoinsKid predicted that the price of the AXS token would open at $16.17 in 2025 and end the year at $20.98 and then end 2026 at $19.19.
WalletInvestor was significantly more pessimistic and gloomy, predicting that the token will have a difficult year and drop to just $0.687 by the middle of December 2023.
Technical Levels
Major resistance -$23.511057
Major support -$5.799498
Conclusion
The token looks appealing for short-term investment but for long-term investment one should wait until it crosses its major resistance or produces a Golden Crossover.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/24/what-the-charts-reveal-an-in-depth-look-at-the-technical-analysis-of-axs/