Axie Infinity [AXS] Price Analysis: 30 March
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.
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- 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
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 highlighted the possibility of a price breakout in either direction too.
The RSI had a reading of 47.25, indicating a neutral market sentiment for AXS/USD. The OBV has been flat at 630M for the past two weeks, highlighting no significant change in buying or selling pressure.
Despite mixed signals, the trend pointed south
The CMF had a reading of +0.03, pointing to mild buying pressure in the market. Moving averages underlined the 20 SMA at 8.37 and the 50 SMA at 9.2, both close to the press time price of $8.38. This was a sign of mixed sentiment in the short term.
The MACD, at press time, was below the zero line but formed a bullish crossover with values at -0.2 and -0.25, indicating a potential change in momentum in favor of the bulls. The MFI at 57.6 underlined a balanced market, while the Parabolic SAR’s dots were above the price candles – A sign of a short-term bearish trend.
In conclusion, AXS/USD presents a neutral trading signal, with mixed signals from the technical indicators and potential market uncertainty. Traders should closely monitor Bitcoin’s performance, as its critical resistance at $28.7k could impact AXS’s price action. Additionally, traders should keep an eye on key support and resistance levels, as well as the aforementioned indicators, to determine the future price trajectory.
The converging Bollinger Bands and the potential pullback for both Bitcoin and AXS suggest that caution is warranted in the current market.