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.
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Generated Image: Midjourney
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