$AXL rises more than 60% in the last 24 hours 🚀
AXL (Axelar) recorded a significant price spike today with an increase of more than +61% in the last 24 hours, breaking through the $0.64 level before slightly correcting to the $0.5342 area at the time of writing. The 24-hour trading volume also surged to 175 million AXL, indicating a quite aggressive influx of capital.
Technically, the RSI (6) is currently around 91, an extremely rare overbought signal. However, this also reflects that the current momentum is entirely controlled by buyers.
From the moving average perspective, the price of AXL has broken out well above the EMA 13, 21, and 99, which were previously dynamic resistance areas. What does it mean? AXL has officially escaped medium-term pressure and can open up new space for further movement, as long as the volume remains sustained.
For now, it’s important to observe whether this spike is driven by fundamental catalysts (such as new listings, cross-chain integration, or large funding), or merely a short squeeze and market reaction to a low liquidity zone.
Anyway, here’s my Outlook for AXL $AXL:
– Short-Term: Be wary of potential retracement to the $0.44–$0.48 area if massive profit-taking occurs.
– Mid-Term: If the daily close manages to stay stable above $0.55, AXL has the potential to continue its bullish structure. High Risk Area: RSI too high, volume confirmation needed to validate the breakout.
📌 Risk management remains key. Avoid FOMO, especially in high RSI conditions like now.
📌 Disclaimer: Not Promotion & Not Financial Advice
