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Blockchain Gaming Altcoin Axie Infinity Flashing Signs of a Potential 194% Rise, Says Crypto Trader – Here’s Why
The Axie Infinity blockchain gaming altcoin (AXS) is showing signs that it may be ready to take off in a massive surge higher, according to a popular cryptocurrency trader.
Analyst Ali Martinez tells its 62,600 followers on social media platform X that AXS appears to be forming an inverse head and shoulders pattern on its weekly chart.
Martinez says the model “predicts AXS to rise towards the neckline at $13 before a potential breakout at $22.”
Source: Ali Martinez/X
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 fall to the previous low.
With AXS trading at $7.49 at the time of writing, a rise to $13 would represent an increase of more than 73%, while hitting $22 would represent an increase of nearly 194%.
Martinez is less optimistic about Ethereum in the short term: the trader He says Sequential indicator Tom DeMark (TD) presented a sell signal on the daily chart of ETH on Thursday, suggesting that the asset could undergo a 5% correction..
Source: Ali Martinez/X
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their previous 13 bars or candles.
At the time of writing, ETH is trading at $3,828.
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