Technical analysis by Coinpedia-Market-Insight about Symbol AXS: Buy recommendation (11/27/2023)

Is Enough Fuel Left For AXS To Jump To $9.5 Rounding Bottom Formation: AXS price demonstrates a potential trend reversal with the formation of a rounding bottom pattern. Potential Price Surge: Anticipating a substantial 35% surge as the breakout rally hints at a target of $9.50. Remarkable Recovery: AXS price shows a remarkable recovery, soaring by 62% in the last 40 days from $4 and surpassing the 200-day EMA. User Base Expansion: A growing user base on the Axie Infinity platform contributes significantly, marking a notable 31% increase in the last 30 days. Bullish Breakout at $7: A significant breakout at $7 signals a bullish trend reversal, solidified by an upsurge in trading volume. Current Price & Trend: AXS is currently trading at $7.05, showcasing a 5.26% intraday growth; however, a long wick raises concerns about a potential downtrend. Technical Indicator - EMA: Positive price movement in AXS hints at a potential golden crossover between the 200-day and 50-day EMAs, potentially indicating a longer uptrend. MACD Indicator: Increasing buying pressure is reflected in the MACD and signal lines, showcasing a positive crossover to support the ongoing breakout rally. Market Recovery Influence: The upcoming market recovery phase could further fuel the breakout rally in AXS, especially with the growing number of Axie Infinity users. Price Projection - $9.50 Target: Given the positive sentiments and rounding bottom breakout, a surge to $9.50 is anticipated; however, dropping below $7 might trigger a retest at the 200-day EMA around $6.