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The blockchain gaming altcoin Axie Infinity ($AXS) is flashing signs that it could be ready to take off on a massive surge upwards, according to a popular crypto trader.
The analyst Ali Martinez tells his 62,600 followers on the social media platform X that it looks like $AXS is forming an inverse head-and-shoulders pattern on its weekly chart.
Martinez says the pattern “anticipates $AXS to rise toward the neckline at $13 before a potential breakout to $22.”
An inverse head and shoulders pattern is a technical formation with bullish implications. The right shoulder suggests that bulls are willing to accumulate the asset without waiting for the price to drop to its previous low.
With $AXS trading at $7.49 at time of writing, a surge to $13 would represent an increase of more than 73%, and hitting $22 would be a boost of nearly 194%.
Martinez is less bullish on Ethereum in the short term: The trader says the Tom DeMark (TD) Sequential Indicator presented a sell signal on $ETH’s daily chart on Thursday, suggesting the asset could suffer a 5% correction.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
$ETH is trading at $3,828 at time of writing.
Generated Image: Midjourney
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