News report:
AXL coin steadily rises after breaking a 4-month high.
The next target is $1 or higher.
Axelar [AXL]
has seen a growth of 52.8% in two weeks. It has risen by 12.35% in the past 24 hours, but recently experienced a significant drop, resulting in a daily increase of just over 5%.
The trading volume of the $700 million market cap token has increased by 78% in the past 24 hours. This influx of activity is due to optimistic expectations. Retesting the support level at $0.872 may present an ideal buying opportunity.
AXL coin breaks out of range and strengthens
Axelar has broken out of the range formation that has been ongoing since mid-June. The 4-month price range was from $0.434 to $0.738. In the past two weeks of trading, AXL broke the highs and retested them as support.
The OBV is rising, indicating increased buying pressure. This indicator has been on an upward trend for a month, suggesting a higher likelihood of continued upward movement.
The daily RSI has not shown any divergence yet but is close to overbought territory. Traders can focus on momentum indicators to look for early signs of price pullback.
$0.872 and $1.1 are the next resistance levels that may hinder the bulls. Based on the strength of buyers during and after the breakout period, the price of AXL coin is likely to surpass $1.1.
Open interest may soon disappear?
On October 11th and 12th, when AXL surged to $0.8, open interest increased from $7.44 million to $21.6 million. After AXL coin broke the high and consolidated around $0.77, open interest dropped significantly to $12.8 million.
Read more:
Axelar [AXL] price prediction
2024-25
Similar occurrences may arise in the coming days once the level of $0.872 is broken and reversed. Therefore, traders should not succumb to FOMO and can wait for a buying opportunity.
Meanwhile, the upward trend of spot CVD indicates continued demand for Axelar.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other form of advice and only represents the author’s opinion.
