- AXL coin was making steady progress after breaching the 4-month range’s highs.
- The next targets are the psychological $1 level and beyond.
As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the recent surge of Axelar (AXL). After years of observing and analyzing various cryptocurrencies, I must admit that this particular breakout has piqued my interest.
Over the past fortnight, Axelar [AXL] experienced an impressive surge of approximately 52.8%. However, it also registered a notable decrease more recently, reducing its one-day growth to slightly above 5%. In the last 24 hours alone, it managed to increase by around 12.35%.
As an analyst, I’ve noticed a significant surge – a whopping 78% increase – in trading volume for the token with a market capitalization of approximately $700 million over the past 24 hours. This spike in activity can be attributed to optimistic market sentiments, or bullish expectations. If the price retests the support level at around $0.872, it might present an excellent opportunity for potential buyers.
Range breakout going strong for AXL coin
Axelar exited a prolonged pattern of consolidation that started around mid-June, which had been fluctuating between $0.434 and $0.738 over a span of four months. Over the last fortnight, AXL’s trading activity surpassed its previous highs and then revisited them as potential support levels.
The Overbought Volume (OBV) is on an uptrend, indicating stronger buying activity. For the past month, this trend has been consistent, suggesting a greater likelihood of continued price increases.
In simpler terms, so far, the Daily Relative Strength Index (RSI) hasn’t shown any divergence, but it’s getting quite close to the overbought territory. It would be wise for traders to monitor the momentum indicator closely, as it might signal an upcoming price decrease first.
In simpler terms, $0.872 and $1.1 are the potential points where the price increase might slow down for the AXL coin. Given the strong buying activity seen during and post-breakout, there’s a good chance that the coin’s price could surpass $1.1.
Open Interest could fade soon?
Between October 11th and 12th, as AXL approached $0.8, Open Interest increased significantly from $7.44 million to $21.6 million. Once the AXL coin exceeded its highs and stabilized around $0.77, Open Interest dropped substantially, reaching $12.8 million.
Read Axelar’s [AXL] Price Prediction 2024-25
In an upcoming sequence, I foresee a situation reminiscent of the one we’ve encountered before, given that the $0.872 mark is surpassed and reversed. Consequently, it would be prudent for traders not to succumb to the fear of missing out (FOMO), but rather, maintain patience and lookout for a favorable buying opportunity.
Meanwhile, the spot CVD’s uptrend indicated sustained demand for Axelar.
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2024-10-22 21:11