$AXL

🚀 AXL/USDT Analysis: Potential Reversal or Just a Relief Bounce?

Axelar ($AXL) is currently trading at $0.0676, showing a +5.30% recovery over the last 24 hours. After hitting a local low of approximately $0.0622, the price has started an upward move toward the short-term resistance levels.

🔍 Key Technical Insights (4H Chart)

Price Performance: AXL is testing the EMA(25) (pink line at 0.0670) and has successfully moved above the EMA(7) (yellow line at 0.0659).

Momentum (RSI): The RSI(6) is at 68.73, nearing the overbought territory (70). This indicates strong buying pressure in the short term, though a slight consolidation might occur before another leg up.

Support & Resistance:

Resistance: The primary target for bulls is the EMA(99) at $0.0723. A break above this could signal a trend reversal.

Support: Immediate support lies at $0.0653, with a stronger floor established at $0.0622.

💡 Market Outlook

Despite the recent gains, AXL is still down significantly from its 2024 highs of $2.64. Current sentiment is turning bullish as it recovers from its all-time low of $0.0624 set just two days ago. The increase in 24-hour volume to $12.56M suggests that buyers are stepping back into the market.

📈 Trading Setup

Entry Zone: Watch for a stable hold above $0.0670.

Targets: $0.0700 (Short-term) | $0.0723 (EMA 99 Test).

Stop Loss: Below the recent wick at $0.0620.

Note: Always monitor BTC movement as it heavily influences altcoin trends. #DYOR

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