Axelar (AXL) Sharp Downward Correction May Continue

Although the Axelar market has seen some upward retracement of 5.63%, price activity remains largely depressed. As such, the printed gain seems quite vulnerable to being wiped out. Let’s take a much closer look at the market.

AXL Statistics

Current Price: $0.0751

Market Capitalization: $81.91M

Circulating Supply: 1.09B

Total Supply: 1.22B

CoinMarketCap Rank: 287

Key Levels

Resistance: $0.0800, $0.0850, $0.0900

Support: $0.0700, $0.0650, $0.0600

Axelar Poses for More Declines

The corresponding price candle to the ongoing session can be seen standing green. Despite this, trading remains below the 9-day Exponential Moving Average (EMA) line. The mentioned price candle also has an upper shadow, which suggests that headwinds are pressuring the market.

Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) indicator remain in the oversold region, but the terminals of the indicator have lifted slightly upward. This aligns with the stance of the corresponding price candle in the ongoing session.

AXL Bears Keep a Strong Grip

Moving to the Axelar market on the 4-hour chart, it can be seen that price activity reveals signs of strong exhaustion. The last price candle here hovers just above the 9-day EMA curve. Likewise, this price candle appears red, hinting that headwinds are already taking effect.

Additionally, the lines of the SRSI indicator have reached the overbought zone. Furthermore, the terminal parts of these indicator lines are converging toward each other. Therefore, this market appears ready to descend further toward the $0.0700 price level.

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