Axelar (AXL) Resumes Bullishness, Price Back on the Trail of $0.90 Price Threshold
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Axelar (AXL) recently faced resistance at the $0.90 price level. After a period of consolidation around this level, a bearish trend emerged, pushing the price lower. However, bullish sentiment remains strong, as buyers stepped in to support the market at the $0.78 level. The price has since rebounded and is currently retesting the $0.90 resistance. While some traders are cautious and anticipate potential downward pressure near the $0.80 level, the overall market sentiment suggests a bullish bias.
Axelar Market Data
- AXL/USD Price Now: $0.797
- AXL/USD Market Cap: $444 million
- AXL/USD Circulating Supply: 785 million
- AXL/USD Total Supply: 1.2 billion
- AXL/USD CoinMarketCap Ranking: #121
Key Levels
- Resistance: $0.900, $1.000, and $1.100
- Support: $0.750, $0.700, and $0.650.
The Axelar Market Through the Lens of Indicators
From a technical perspective, the Bollinger Bands indicate an upward trend, suggesting a potential continuation of the bullish momentum. However, with the price currently aligned with the 20-day Moving Average, the market appears to be in a state of equilibrium.
The Relative Strength Index (RSI) reading of 55 suggests that buying pressure remains dominant. This bullish signal could potentially fuel further price appreciation.
Conversely, the declining trading volume histograms hint at a potential consolidation phase around the $0.80 price level. This crypto signal suggests that while the market may continue its upward trajectory, a period of sideways movement or a minor correction could occur.
Overall, while the technical indicators point to a bullish bias, it’s essential to monitor market developments closely, as a shift in momentum could lead to a change in the price direction.
AXL/USD Price Prediction: 4-Hour Chart Analysis
Despite a recent pullback from the critical $0.90 resistance level, Axelar (AXL) continues to exhibit strong bullish momentum. The price action has successfully bounced back from the $0.70 support level and is now challenging the $0.80 resistance. A decisive break above this level could pave the way for a renewed upward move toward the $0.90 mark.
While short-term volatility is expected, the long-term outlook remains optimistic. A successful breach of the $0.90 resistance could trigger a significant price surge. Investors should closely monitor the price action around the $0.80 level for potential breakout signals.
