AXL price prediction is a rise in the short run with scope for further upswing. It is forming a bullish pattern and buyers look very aggressive, so the price may hit new highs in the coming months.
Axelar price broke out of the $1.00 barrier and displayed a strong bullish candle. Buyers are trying their best to attract more participants in the bull run. If they succeed then it will increase the possibility of sustaining the recent gains.
The 50 day and 200 day EMA is sloping upward indicates the trend of AXL price is upward direction.
However, the price had gone far away from the 50 day EMA and looks mildly overstretched. So, AXL token price may consolidate for some time on the higher levels or might witness minor profit booking.
If price retraces downwards, then the 50 day EMA and $1.00 level will act as an important support. Buyers must be active near the demand and will try their best to bounce.
Currently, the price is inside the bulls’ grip with positive momentum. The pair of AXL/USDT is trading at $1.2264 with a one day uptick of 9.83%. The volume to market cap ratio stands at 8.97%.
Will AXL Price Continue to Perform Well in January 2024?
AXL price prediction is bullish for the short term as well for the long term till it holds on to the $1.00 level. The chart pattern looks highly bullish as the bulls continue to dominate.
Axelar price behavior is quite volatile which shows that the speculative activities are high. Therefore, investors needs to be careful and wait for minor consolidation above $1.00 before building longs.
The technical analysis suggests Axelar crypto price is in an uptrend and the momentum might contine through January 2024.
Axelar Price is Bullish on Multiple Time Frames
Axelar price rose by approximately 51% this week which is the biggest one week gain in last 8 months. The token is forming a bullish pattern on a daily, weekly and multiple time frames. It shows the strength and the confidence of the bulls.
The RSI at 82 reached overbought territory which may raise concern of the short term bulls. Whereas, the MACD curve is still pointing north and histogram bar is green denoting more upside in AXL is pending.
Conclusion
AXL price prediction is bullish till it holds the $1.00 support level. The recent surprising up move in Axelar looks reliable so price likely to hold the recent gains. The analysis suggests that AXL token price is in buyers’ radar and slowly it will rise upward to achieve the $2.00 mark.
Technical levels
- Resistance levels: $1.4000 and $1.6000
- Support levels: $0.8464 and $0.6660
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/12/17/axl-price-rose-51-biggest-one-week-gain-in-axelar-what-next/