Axelar (AXL) Records Moderate Gains but Remains Vulnerable

Upside gains in the Axelar daily market still look quite subdued. Despite a 6.81% price increase, price action in the daily market remains below key technical landmarks. Let’s take a closer look at the market below.

Axelar Statistics

AXL Current Price: $0.3957

Market Capitalization: $367.02M

Circulating Supply: 932.19M

Total Supply: 1.19B

CoinMarketCap Rank: 127

Key Price Levels

Resistance: $0.4000, $0.4500, $0.5000

Support: $0.3500, $0.3000, $0.2500

Axelar Leaps Toward the $0.4000 Price Level

The ongoing session in the AXL daily market appears to have registered an increase in bullish momentum. This has resulted in the formation of a moderately sized green price candle. Likewise, the Stochastic Relative Strength Index (RSI) lines are still trending upward, with the lead line crossing above the 50 threshold.

However, price action remains below all the Moving Average (MA) lines. Nonetheless, it seems likely that price action may breach the resistance formed by the 20-day MA line. Should this occur, upside forces may strengthen, potentially pushing the market further upward.

AXL Bulls Are Appearing Strong

On the Axelar 4-hour chart, upside forces appear stronger than on the daily chart. Here, the latest price candle has broken through three out of four MA lines, indicating that bullish momentum is dominating the session. Additionally, the latest price candle has a minimal upper shadow, suggesting that headwinds are not significantly impacting the market.

The Stochastic RSI lines are in the oversold region and have recently formed another upside crossover, further aligning the market for a continued upward retracement. If this momentum persists, prices may surpass the $0.4000 mark and advance toward the $0.4500 price level.

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