Currently, the price of Axelar (AXL) is 1.027 USD. To determine the optimal buy and sell points for AXL, we need to conduct technical analysis and consider relevant market factors.
Technical Analysis:
• Moving Averages: In the daily timeframe, the 50-day moving average (SMA 50) of AXL is on an upward trend, indicating a short-term bullish trend. However, the 200-day moving average (SMA 200) has not yet confirmed a long-term bullish trend.
• Relative Strength Index (RSI): The current RSI is at a neutral level, indicating that the market shows no signs of overbought or oversold conditions.
Support and Resistance Levels:
• Support: The nearest support level for AXL is around 0.80 USD, which is a price point that AXL has tested multiple times in the past and shows strong buying pressure.
• Resistance: An important resistance level is around 1.20 USD, which is a price point that AXL has struggled to surpass in previous rallies.
Trading Strategy:
• Buy Point: If the price of AXL drops near the support level of 0.80 USD and shows a bullish reversal signal (such as a bullish candlestick pattern or RSI indicating oversold), this could be a potential buy point.
• Sell Point: If the price of AXL approaches the resistance level of 1.20 USD and shows a bearish reversal signal (such as a bearish candlestick pattern or RSI indicating overbought), this could be a reasonable sell point.
Important Note:
• Risk Management: Cryptocurrency trading is highly volatile and carries significant risks. Use stop-loss orders to protect your capital and avoid large losses.