There are flashing signs that blockchain gaming altcoin Axie Infinity (AXS) is poised for a massive rally, according to a prominent cryptocurrency trader.
Analyst Ali Martinez told his 62,600 followers on social media platform
“I expect AXS to rise to the neckline at $13 before potentially breaking out to $22,” Martinez says of this pattern.
The inverted head and shoulders pattern is a technical pattern that suggests bullishness. The right shoulder indicates that bulls are willing to accumulate assets without waiting for the price to fall to previous lows.
With AXS trading at $7.49 at the time of this writing, a surge to $13 would represent an increase of over 73%, and reaching $22 would be an increase of nearly 194%.
Martinez is less optimistic about Ethereum in the near term. Traders say the Tom DeMark (TD) Sequential Indicator placed a sell signal on ETH’s daily chart on Thursday, suggesting that the asset could undergo a 5% correction.
Traders use the TD Sequential indicator to predict a potential trend reversal in a token based on the closing prices of the previous 13 bars or candles.
At the time of writing, ETH is trading at $3,828.
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