Axie Infinity (AXS) is expected to surge 28% to $6.85 due to a breakout from its ascending triangle pattern. Key factors influencing the price include:

Key Factors

1. Ascending Triangle Pattern: Nearing support zone, sparking a potential price rally.
2. Short-Term Downward Pressure: Indicators suggest temporary weakness.
3. Supply Squeeze: $417.88K worth of AXS withdrawn from exchanges, reducing supply.
4. Breakout Potential: Successful breakout could drive an additional 28.47% surge.

Market Analysis

- On-chain data shows traders selling, with significant losses for long traders.
- Negative funding rate reflects higher demand for short positions.
- Bearish sentiment may be approaching its end, with upward momentum building.

Outlook

AXS's decline is likely to continue until a market structure shift, potentially near the pattern's historical resistance zone.