Axelar (AXL/USD) Targets $0.90: Breakout or Reversal Ahead?
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The Axelar (AXL) market, which had been trending in favor of bearish traders, found a key support level around $0.40 in early August. Despite lingering bearish sentiment that caused the market to consolidate around $0.50, bullish momentum eventually pushed the price upward. Bears briefly reasserted themselves at $0.70, but the market broke out again. A similar scenario unfolded at $0.80, yet bullish traders have maintained control, driving the price steadily closer to the $0.90 mark.
Axelar Market Data
- AXL/USD Price Now: $0.89
- AXL/USD Market Cap: $709 million
- AXL/USD Circulating Supply: 816 million
- AXL/USD Total Supply: 1.17 billion
- AXL/USD CoinMarketCap Ranking: #98
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
The market’s success at each major resistance level continues to reaffirm the dominance of the bulls. Currently, the bullish price is approaching another key level, and based on historical patterns, it is anticipated that the bulls may assert their strength once again. However, the Relative Strength Index (RSI) suggests that the crypto signal may be entering overbought territory, which could trigger a price correction as traders take note of this indicator. If a correction occurs near the $0.90 level, the $0.80 price level—previously a resistance—could be converted into a support level. The presence of a strong bullish candlestick indicates that the bulls have captured this level, increasing the likelihood that they will defend it, should the price retrace.
AXL/USD Price Prediction: 4-Hour Chart Analysis
Zooming in on the 4-hour chart, it becomes evident that traders are already taking profits at the $0.90 price level, as indicated by the upper shadows on the last two candlesticks. However, despite this profit-taking activity, bullish sentiment remains strong in the market. As a correction has started, the market may reverse, with bulls potentially stepping in around the $0.85 level. Following this, the market could enter a consolidation phase, allowing the bulls to regroup and prepare for another attempt at breaking through the $0.90 resistance level.
