Axelar (AXL) Eyes $0.90: Bullish Momentum Gains Traction
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Axelar (AXL) has been steadily gaining momentum, consistently breaking resistance levels since the pivotal market turnaround at $0.37 in early August, driven by bullish intervention. On October 11, the market approached the key $0.90 level, and since then, bulls have maintained strong pressure at this point. It was anticipated that a breakout or reversal would soon occur as the Axelar market appeared to be peaking near $0.90. However, for now, bulls continue to hold above $0.80, keeping the market close to $0.90 and sustaining pressure on this critical level in hopes of a breakout.
Axelar Market Data
- AXL/USD Price Now: $0.897
- 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
While the market’s recent performance has been predominantly bullish, the RSI suggests a potential short-term correction as it hovers near the upper 70 level. This sustained movement indicates ongoing trader optimism, contributing to price consolidation around the $0.90 level. If the crypto signal retraces from $0.90, the previously resistant $0.80 level could serve as strong support, keeping bulls in play. Additionally, the presence of a bullish candlestick pattern signals that bulls remain in control. If this momentum continues in the next trading session, the market could maintain its upward trajectory.
AXL/USD Price Prediction: 4-Hour Chart Analysis
The 4-hour chart shows continued profit-taking near $0.90. Despite this, bullish sentiment remains strong, leading to consolidation at this level. In the event of a pullback, the $0.85 level could attract buyers, potentially allowing the market to rebound to $0.90 and possibly break through it.
Axelar’s upward momentum is building, with a strong chance of reaching the $0.90 mark. While a short-term correction is possible, the underlying bullish sentiment suggests any pullback will likely be brief. A successful break above $0.90 could pave the way for further significant gains.
