Date: Fri, May 09, 2025 | 04:50 PM GMT
The cryptocurrency market continues to build on its recent strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 52% over the past month and is now trading above the $2,300 mark — its highest level in months. This resurgence is also helping lift sentiment across major altcoins, including Axie Infinity (AXS).
The gaming token has jumped more than 10% today alone, pushing its monthly gains to an impressive 24%. Even more compelling: a textbook harmonic pattern forming on the daily chart now suggests that a further rally may be on the horizon.
Harmonic Pattern Signals More Upside
Looking at the daily chart, AXS is shaping what appears to be a Bullish Gartley harmonic pattern — a technical formation often used to forecast potential price reversals or strong continuation zones.
Here’s how it breaks down:
- The initial drop from point X ($3.64) to point A ($2.10) marked a sharp 42% decline.
- The AB leg then retraced 39.4% of the XA move — a standard range for Gartley formations.
- From there, the BC leg dipped again, retracing 75.6% of AB, before reversing upward.
- Now, the CD leg is in progress, and the price is surging toward the D point, projected near the $3.31 mark — the 78.6% Fibonacci retracement of the XA leg.
What’s Next for AXS?
If this harmonic setup completes successfully, AXS could soon test the $3.31 resistance, which marks a potential 16.5% upside from the current price of $2.84.
But that’s not all. A sustained bullish breakout above $3.31 could push AXS even higher — toward the previous swing high of $3.64 (point X). If this level is reached, it would represent a 28% gain from current levels.
This $3.31–$3.64 zone is crucial. Harmonic patterns often see a reversal or strong consolidation at the D point, so traders should watch for increased volatility or profit-taking pressure in that range.
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