Signs of Potential Surge in Axie Infinity Altcoin 👀
A popular crypto trader believes that the blockchain gaming altcoin Axie Infinity (AXS) is showing indications that it might experience a significant surge in value. The analyst Ali Martinez, with a substantial following on the social media platform X, has identified a bullish pattern on AXS’s weekly chart. According to Martinez, AXS appears to be forming an inverse head-and-shoulders pattern, signaling a potential upward movement in its price.
- Martinez predicts that AXS could reach $13, marking a 73% increase, before potentially breaking out towards $22.
- An inverse head and shoulders pattern typically indicates bullish sentiment, suggesting that investors are eager to buy the asset without waiting for a price decline.
Ethereum’s Short-Term Outlook 🔍
While Martinez is optimistic about AXS, he expresses caution regarding Ethereum’s short-term performance. The trader highlights a sell signal on ETH’s daily chart generated by the Tom DeMark Sequential Indicator. This signal implies a possible 5% correction in the price of Ethereum in the near future, adding a note of caution for ETH investors.
- The Tom DeMark Sequential Indicator is a tool used by traders to anticipate trend reversals based on past closing prices of assets.
- At the time of writing, Ethereum is priced at $3,828.
Generated Image: Midjourney
Hot Take: Axie Infinity’s Potential Surge 🚀
As the blockchain gaming altcoin Axie Infinity (AXS) shows promising signs of a potential 194% surge, as suggested by crypto analyst Ali Martinez, investors are eagerly watching for further developments. With an inverse head-and-shoulders pattern forming and price targets set at $13 and $22, AXS appears to be on the brink of a significant price movement. Meanwhile, caution is advised for Ethereum traders, with signals indicating a possible correction in the near term.
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