- AXL has broken a key descending trendline, signaling a potential bullish shift with a projected 60-70% upside.
- The token must surpass these key levels to sustain upward momentum and reach its predicted price range.
- AXL is outperforming Bitcoin and Ethereum, but failure to hold above $0.39 may trigger a retest of lower support at $0.35-$0.37.
Axelar (AXL) has recently broken through a long-standing descending trendline on its 1-day (1D) time frame chart, indicating a shift in market sentiment. Market data shows that the asset shows signs of forthcoming bullish momentum because analysts predict a 60-70% rise in value based on sustained momentum strength. The price of AXL now seems to be stabilizing at $0.4172 as traders actively monitor important resistance and support areas for market direction predictions.
A breakout happened at the prices between $0.39 and $0.41 which held strong for AXL. A new support zone formed at this level signals a successful bear completion phase for the asset. A price position above the established resistance level would reinforce bullish price action.
AXL Eyes 70% Surge Amid Resistance
Fibonacci projections combined with historical price movements indicate that Axelar might grow by 60-70% after breaking through its current point. The predicted price range indicates that Axelar may reach between $0.65 and $0.70 dollars.
The AXL token has to break through multiple resistance barrier levels before it can advance to higher price zones. First significant resistance appears at $0.50 before traders experience price consolidation before reaching a determining outcome. The.price will encounter important resistance first at $0.50 before reaching subsequent major obstacles at $0.60 then $0.70 if it extends with upward momentum.
AXL Rallies 5.4%, but Can It Hold Above Key Support?
Markets have recorded a 5.4% surge in AXL prices during the past 24-hours and the token currently trades between $0.3938 and $0.4231. The sustained upward trend indicates more customers joining the market. The price of Axelar demonstrates higher gains than both Bitcoin (+4.9%) and Ethereum (+3.4%) which indicates developing positive market sentiment.
Even with the optimistic market predictions traders need to exercise caution. A bearish momentum shift will likely happen if AXL cannot sustain its breakout pattern below $0.39 since a retesting of support levels within the $0.35 to $0.37 range can occur.
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