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Axie Infinity, MANA and ALGO Price Analysis: 05 March

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Source: Pixabay


Projecting similar patterns of development over the past week, AXS and AlGO were most likely to see a further drop in prices while MANA seemed to be a bit more stable than the rest.

Axie Infinity (AXS)

Source: TradingView, AXS/USD

Axie Infinity dropped down from the $65.68 mark during mid-February to gain crucial support at the $42.63 level, which the alt visited back in August last year. Even though the Ukrainian conflict did influence the greater market, the coin recovered quickly and briefly reached resistance at $61.07 on 1 March.

Over the last two days, the bears have exerted pressure to bring it down. To that effect, AXS breached the trendline support (orange dashed line), securing immediate support at the $50.92 level. During press time, AXS was changing hands at $50.94 with a 2.34% gain over the previous day. 

The RSI at 51.16 reflected the ability of AXS to recover over the past few hours. However, the AO still remained under the zero line. If the bears continue to dominate, the next level of support would be at the $47.85 level.

Decentraland (MANA)

Source: TradingView, MANA/USD

MANA took a steep plunge from the $3.28 mark to finally gain support at a two-month low level of $2.27 on 24 February. However, the alt quickly pulled back to reach resistance at the $2.80 level within two days.

Ever since then, MANA has traded in a range of $2.47 to $2.80. Over the past one hour, the coin gained 0.71% and during press time it was trading at $2.53.

The RSI looked a little saturated at the 52.85 mark. Even the MACD reflected the same. By and large, MANA can be expected to continue the sideways trend for some time now.

Algorand (ALGO)

Source: TradingView, ALGO/USD

ALGO lost its advantage as it dropped significantly from $0.98 mark to $0.70 mark on 24 February. However, the alt was pretty quick to pull back and hit resistance at $0.87 just three days later.

ALGO mostly traded between the $0.87 level of resistance and the $0.75 floor mark. In the current market, bears seem to be exerting a lot of pressure to take the token on a downward journey. Well, after dropping by 7.40% over the previous week, the alt gained a minor 0.25% over the past hour and was trading at $0.76 at the time of writing.

As the VPVR indicated, the alt was trading quite below the point of control at $0.83. The RSI recovered momentarily and swayed at 42.17 while the DMI indicated a bearish crossover. If the bears continue to dominate, ALGO might retest the next support at $0.70.

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Manisha is a News Editor at AMBCrypto. With a Master's degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail. She is fascinated by new, emerging technologies and her interests lie in the regulatory implications of such tech.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.