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Can Axelar (AXL) Sustain Its Rally, or Is It Just a Temporary Spike from the Upbit Listing?
- Axelar (AXL) price surged over 100%, reaching $0.6217, the highest since January 2024, following its listing on Upbit, South Korea's largest crypto exchange.
- The rally was part of the broader uptrend in the crypto market driven by Bitcoin's return to $110,000 range, benefiting several altcoins including Axelar.
- Axelar's price cooled down to $0.4926 after hitting the peak, marking a 30.31% swing from $0.4771 to $0.6217.
- The cryptocurrency witnessed a weekly gain of over 50% and a monthly rise of nearly 20%, with a market cap of around $433 million.
- The surge in Axelar's price followed its listing on Upbit, causing a notable spike in trading volume and daily active addresses.
- Technical analysis indicates Axelar's potential for a second leg higher, with support at $0.475 and resistance at $0.525.
- Indicators like RSI, MACD, and CMF suggest room for further growth, with the BBPT showing a reset after a breakout peak.
- A breakthrough above $0.5250 with increased volume could push Axelar towards $0.70, while a drop below $0.475 may lead to a retracement to $0.40–$0.42 support zone.
- Overall, Axelar maintains a bullish structure, likely paving the way for its next significant price movement.
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