Key Takeaways
- The Axelar token price surged past the upper trendline of a falling wedge after Upbit listed the altcoin.
- Its volume climbed from $18.65 million to $366.43 million as interaction with the crypto increased.
- The daily chart shows that AXL’s price has broken above a bearish pattern and could rise above $0.61.
AXL, the native token of cross-chain protocol Axelar, has shattered a multi-month downtrend, surging 80% in 24 hours. The catalyst? A fresh listing on Korean exchange Upbit reignited market interest.
Following the Axelar Upbit listing, the price hit $0.58, a level not seen since December. Trading volume also spiked, pushing AXL closer to cracking the top 100 cryptocurrencies.
Here is how the breakout happened, and how AXL’s price might fare in the short term.
Axelar Token Breaks Falling Wedge
On the weekly chart, AXL’s price has been hitting lower highs since Dec.9, 2024. The image below also shows the altcoin hitting lower lows.
Eventually, this led to the formation of a falling wedge. But earlier today, South Korean exchange Upbit announced that it has listed the token against the Korean Won (KRW) at 16:00 KST.
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After the disclosure, the Axelar token surged above the upper boundary of the falling wedge. Alongside this move, the Moving Average Convergence Divergence (MACD) stood above the zero line.
This indicates bullish momentum around AXL. Should this trend continue, then AXL’s price is likely to trade higher and potentially move closer to the $1 mark.
Volume Explodes 2000% as Demand Rises
Beyond the falling wedge breakout, on-chain data also supports AXL’s rally. Trading volume has exploded, from $18.65 million yesterday to $366.43 million today.
As expected, the Axelar Upbit listing lit a fire under interest from Asia, pushing demand higher. Therefore, if this trading volume continues to surge, it could fuel even more upside for AXL and strengthen the ongoing uptrend.
Furthermore, data from Santiment shows that the price Daily Active Addresses (DAA) divergence has spiked to a highly positive region. This metric gauges whether user activity is strong enough to support a price trend.
A rising price DAA divergence signals growing user engagement and is a bullish sign. A drop, on the other hand, hints at fading interest and possible downside.
As of this writing, the price DAA divergence sits at 924.29%, showing a major surge in network activity. If this momentum holds, it could be the engine that drives AXL’s price even higher.
AXL Price Prediction: More Upside
For the short-term outlook, CCN analyzed AXL’s daily chart. Since May 12, the price has been stuck in a descending triangle, with horizontal support around $0.30.
But now, AXL has broken above the triangle’s upper trendline, flipping the bearish structure and validating a bullish reversal. Meanwhile, the Chaikin Money Flow (CMF) is climbing and flirts with the zero line.
If the CMF crosses positive territory, AXL could break resistance at $0.61. Similarly, the Money Flow Index (MFI), which tracks buying and selling pressure, is rising, indicating strong accumulation.
If that trend holds, a further price push seems likely. Based on Fibonacci retracement, the next target for AXL could be $0.82 at the 0.382 level.
But if selling pressure creeps in, AXL’s price could fall back to support at $0.46. In a highly bearish scenario, it could drop below $0.30.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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