Axie Infinity (AXS), the blockchain gaming altcoin, may be poised for a significant surge, as suggested by a well-known crypto trader. Ali Martinez, an analyst with a following of 62,600 on the social media platform X, believes that AXS is displaying an inverse head-and-shoulders pattern on its weekly chart. According to Martinez, this pattern indicates that AXS could rise to $13 before potentially breaking out to $22. This technical formation suggests bullish implications, with the right shoulder indicating that bulls are accumulating the asset without waiting for a price drop. 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 almost 194%.
However, Martinez is less optimistic about Ethereum (ETH) in the short term. He notes that the TD Sequential Indicator presented a sell signal on ETH’s daily chart, indicating a potential 5% correction. The TD Sequential Indicator is used by traders to predict trend reversals based on the closing prices of previous bars or candles. At the time of writing, ETH is trading at $3,828.
It’s important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, and it is not an investment advisor.
