Axelar (AXL) Consolidates at a Key Support

The Axelar market had earlier attempted to breach the $0.8965 resistance. However, the attempt failed, and the market retraced to lower price levels. Today, the price movement so far has only kept the price of this token sustaining just above an important landmark. Let’s examine this market for more cues concerning future price movement.

Axelar Statistics:

AXL Price: $0.6722

AXL Capitalization: 554.07M

Axelar Circulating Supply: 832.84M

Axelar Total Supply: 1.18B

AXL CoinMarketCap Rank: 109

Key Price Levels:

Resistance: $0.900, $1.000, $1.200

Support: $0.800, $0.700, $0.500

Axelar Sustains Above the 200-day MA

Price action in the AXL market has been falling toward lower support in recent times. The latest such support seems to have been found at the 200-day Moving Average (MA) curve on the daily chart. The last two price candles on the chart suggest that price forces are in a face-off, as these price candles can be seen to have contracted.

This mentioned contraction has happened both off the 200- and 20-day MA lines, respectively. This brings the pair to now trade in between the two indicator lines. Simultaneously, the lines of the Stochastic Relative Strength Index (RSI) can be seen hitting the 0.00 level of the indicator and preparing to drag sideways. This hints that the market may still fall lower and through the 200-day MA curve.

AXL/USDT Rebounds Off the 20-day MA Curve

The Axelar 4-hour chart has revealed the movement of price activity so far today in a clearer way. While the price action has rebounded precisely off the support at the $0.6141 price level in the past four sessions, the ongoing session has printed a downward rebound off the 20-day MA line.

Technically, this brings the market under a much stronger bearish sentiment. The Stochastic RSI lines can be seen rising upward but with a minor deflection yet on its leading line. Nevertheless, traders can still use crypto signals targeting the downward retracement through the $0.6141 price level and a more technical level at the $0.6000 price level.

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