Axelar (AXL) Bounces Off a Psychological Support

The Axelar market appears to be on its way toward recovery, showing a price increase of 8.76%. Although the ongoing session remains below key technical levels — which may challenge the development of strong bullish sentiment — if momentum holds, it could still result in at least some short-term gains.

AXL Market Statistics

Current Price: $0.2115

Market Capitalization: $218.68M

Circulating Supply: 1.05B

Total Supply: 1.21B

CoinMarketCap Rank: 178

Key Price Levels

Resistance: $0.2250, $0.2500, $0.2750

Support: $0.2100, $0.1900, $0.1700

Axelar Posts Moderate Recovery from a Sudden Dip

The crypto market recently experienced a sudden downturn as Bitcoin’s price fell below the $105,000 level. This movement also affected the AXL/USDT market. However, price action has since rebounded off a psychological baseline at the $0.1800 level. Notably, this rebound occurred near the same baseline as a recent previous bounce.

Currently, AXL trades below the 9-day Exponential Moving Average (EMA) curve. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are converging for a potential bullish crossover. The upper shadow of the last green price candle has already pierced through the 9-day EMA, suggesting that this could be a good entry point for short-term gains.

AXL Bulls Take a Volatile Stand Above Key Levels

Examining the Axelar token on the 4-hour chart, price activity can be seen crossing above important technical levels. The previous session’s candle surged past the 9-day EMA curve. Although the market experienced a minor pullback afterward, the ongoing session has kept the token trading above the EMA line.

Similarly, the SRSI indicator lines continue to move deep into the overbought region, indicating strong bullish momentum. In conclusion, current technical indications suggest that the market may still progress toward the $0.2500 price level in the near term.

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