AXLUSDT
Perp
0.5435
+0.42%
Axelar has shown strong momentum in the cryptocurrency space. As a core player in the field of secure cross-chain communication in Web3, it provides a decentralized network and a series of tools that greatly simplify the challenges of cross-chain interaction for decentralized application (dApp) developers. Axelar is unique in that it uses a proof-of-stake (PoS) consensus mechanism, which stands out from many projects that rely on optimistic models or joint multi-signatures.
Earlier this month, Axelar announced a partnership with OpenZeppelin, a high-profile player in the Ethereum Virtual Machine (EVM) ecosystem. This strategic alliance aims to solve the problem of liquidity fragmentation and strengthen the cross-chain interoperability capabilities of Web3 developers, marking a major innovation in the dApp development model and cross-chain interaction methods.
The market quickly responded positively to this cooperation, and the price of AXL tokens soared 8.79% in the following 24 hours to a high of $0.549462. Supported by ample liquidity, the token continued to rise by 4.80% in the following day, with its market cap to volume ratio remaining at a healthy level of 0.0868. Although the 14-day relative strength index (RSI) shows a neutral 54.13, which may indicate short-term sideways fluctuations, the overall trend of AXL remains optimistic.
Looking ahead, Axelar's long-term prospects are also exciting. Currently, AXL is trading 7.99% above its 200-day simple moving average (SMA), which is a significant excess that indicates strong upward momentum. Looking back over the past year, AXL's price has risen by 52%, which has outperformed more than half of the assets in the top 100 cryptocurrencies. Considering that volatility has been effectively controlled within 9% in the past 30 days, Axelar's steady growth is expected to continue, especially a series of recent developments have greatly boosted investor confidence.
