Axie Infinity (AXS), the blockchain gaming altcoin, could be gearing up for a significant surge, according to a well-known crypto trader. Ali Martinez, the analyst, has informed his 62,600 followers on X that AXS appears to be forming an inverse head-and-shoulders pattern on its weekly chart. This pattern indicates that AXS is likely to rise towards the neckline at $13 before potentially breaking out to $22.
An inverse head and shoulders pattern is a technical formation that suggests bullish implications. The presence of a right shoulder indicates that bulls are willing to accumulate the asset without waiting for the price to drop to its previous low.
With AXS currently trading at $7.49, a surge to $13 would represent a gain of over 73%, while reaching $22 would result in a boost of nearly 194%.
However, Martinez is less optimistic about Ethereum in the short term. He points out that the Tom DeMark Sequential Indicator has presented a sell signal on ETH’s daily chart, indicating a potential 5% correction for the asset.
Traders use the TD Sequential Indicator to anticipate potential trend reversals based on the closing prices of the previous 13 bars or candles.
As of now, ETH is trading at $3,828.
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