The recent surge in AXL/USDT price is mainly due to an important technical signal: a descending channel breakout on the daily chart, which is generally interpreted as a bullish reversal. Traders have set price targets around $0.78, $0.88, and potentially higher levels like **$1.28**.
Additionally, overall market conditions have been favorable, leading to increased trading volume and activity on this token. Buy signals have also been observed on shorter time frames, with demand zones and divergences reinforcing this bullish momentum.
Forecast for next week
For the next week, indicators suggest a potential bullish continuation if $AXL continues to hold its current levels or breaks the next resistances around $0.88. If this resistance is breached, we could see $AXL heading towards $1.28. However, a correction or a return to support levels like $0.78 or even $0.70 is possible as the market remains volatile.
Personal synthesis
The current rally seems to be partly driven by technicals and the overall bullish sentiment in the altcoin market. However, it is essential to monitor the resistance at $0.88 to see if the momentum can continue. If you are already positioned, it could be wise to take partial profits around this level while leaving a position open in case the price continues its advance. On the other hand, if you are waiting for an entry point, a return towards $0.70 could offer an interesting buying opportunity, depending on market momentum.
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