In this analysis, I will review AXL, the token of the Axelar project, which serves as a Crosschain platform and also features a blockchain explorer.
📅 Daily Timeframe: Uptrend and SMA Slope Change
On the daily timeframe, we observe a steady and gradual uptrend with a low slope. A clear ascending trendline is also visible, which has been tested by the price four times so far.
📈 The token has broken out of its box’s ceiling at 0.8318, but it hasn’t started its main bullish movement yet. A pullback to this level has occurred, and if 1.1281 is broken, the price could initiate its primary upward wave.
👀 Apart from the 1.1281 resistance, there is another significant resistance at 1.2781, located near this zone. Thus, the range between 1.1281 and 1.2781 forms a strong resistance zone, and breaking above this area could mark the start of the uptrend.
🧩 Given the upward slope of the SMA99, I believe we will soon see its influence, pushing the price higher.
🚀 If this zone is broken, the next targets are 1.6587 and 2.2828, with the second target being close to the ATH.
📉 Correction Scenario
In the event of a correction, the first key area is 0.8318, which has already been tested once and held firm. For deeper corrections, the initial zone to watch is the ascending trendline, and if the trendline breaks, 0.6386 becomes the next notable support.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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