Axie Infinity [AXS] Price Analysis: 30 March

ambcrypto.com:

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

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.

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 –

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.

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