Axie Infinity [AXS] Price Analysis: 30 March

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.

Indicators pointed to a neutral market sentiment
The $7.8-$8 support could be tested once again as support

Axie Infinity (AXS/USD) has seen significant price fluctuations over the past year, trading at $58 on 1 March 2022, $6.2 on 1 January 2023, and $9.8 on 1 March 2023. At press time, AXS/USD was valued at $8.38 after gaining by 3.6% in the last 24 hours.

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This analysis will examine key technical indicators on the 1-day timeframe, including the Relative Strength Index (RSI), Bollinger Bands, On-Balance Volume (OBV), Chaikin Money Flow (CMF), Moving Averages, MACD, Money Flow Index (MFI), and Parabolic SAR.

Bears could take control of the market if prices fall below $7.8

Source: AXS/USDT on TradingView

AXS is a crypto-token positively correlated with Bitcoin (BTC) on the price charts. With Bitcoin facing strong resistance at $28.7K, AXS could see a pullback. The market sentiment has been bullish in March, but there’s a possibility of a correction south for both BTC and AXS.

Key Highlights –

RSI at 47.25, suggesting a neutral market sentiment
Bollinger Bands converging, indicating a potential price breakout
OBV at 630M, flat for the past two weeks
CMF at +0.03, indicating mild buying pressure
Moving Averages: 20 SMA at 8.37, 50 SMA at 9.2
MACD below zero line but formed a bullish crossover, with values at -0.2 and -0.25
MFI at 57.6, pointing to a balanced market
Parabolic SAR’s dots above price candles, signalling a short-term bearish trend

Considering the technical indicators, AXS/USD faces potential challenges with the 20 and 50 SMA levels acting as resistance. However, the bullish MACD crossover hinted at a possible trend reversal. The converging Bollinger Bands h

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Author: Akashnath S

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