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In the play-to-earn sector of cryptocurrencies, the leading project during the 2021 bull run, according to many crypto analysts, was none other than Axie Infinity (AXS). AXS experienced such a rise that its 
price surpassed even the largest cryptocurrencies in the market at that time, reaching up to $165. The subsequent drop was equally significant. The price fell to just above $7, leaving all its investors in astonishment. So, what is happening with AXS now?
Will AXS Rise?
A famous crypto analyst took a closer look at AXS, which has experienced historical rises and falls. The analyst indicated that the play-to-earn altcoin Axie Infinity (AXS) on the blockchain might have all the potential to make a significant upward movement.
Analyst Ali Martinez made important statements about AXS on the social media platform X. In his statement, he mentioned that AXS might be forming an inverse head and shoulders pattern in its weekly view. According to Martinez, based on the pattern, AXS could rise towards the neckline at $13 before potentially making a move towards $22.
Talking about the implications of the inverse head and shoulders pattern, it is generally a technical formation indicating a bullish trend. The shoulder formation on the right suggests that the bulls do not believe the price will fall to the previous low and are willing to accumulate.
As of the time of writing, AXS is trading at $8.08, following a 4% increase in the last 24 hours. If it potentially reaches $22, it could see a 194% increase.
Will Ethereum Price Rise?
On the other hand, Martinez also examined Ethereum and indicated a lower upward trend for ETH in the short term. According to the trader, the Tom DeMark (TD) Sequential Indicator gave a sell signal on ETH’s daily chart on Thursday, suggesting that ETH could experience a 5% correction.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of the previous 13 bars or candles.
While the market experiences significant fluctuations, ETH continues to trade at $3,721 as of the time of writing.
