Trading Volume of AXL Coin Surges by 78But Pay Attention to This

Coin World News Report:
AXL Coin steadily rises after breaking a four-month high.
The next target is the psychological level of $1 and above.
Axelar [AXL]
has grown by 52.8% in two weeks. It has seen a 12.35% increase in the past 24 hours, but there has been a recent significant drop, resulting in a slight increase of over 5% in one day.
The trading volume of the $700 million market value token has increased by 78% in the past 24 hours. The influx of this activity is due to optimistic expectations. Retesting the support level of $0.872 may be an ideal buying opportunity.
AXL Coin breaks out of range
Axelar has broken out of a range pattern that has been in place since mid-June. The four-month price range was $0.434 to $0.738. In the past two weeks of trading, AXL has broken the high points and retested them as support.
The OBV is rising, indicating an increase in buying pressure. This indicator has been trending upwards for a month, indicating a higher likelihood of continued upward movement.
The daily RSI has not shown any divergence yet but is nearing overbought territory. Traders can watch the momentum indicator for early signs of price retracement.
$0.872 and $1.1 are the next resistance levels that may hinder the bulls. Based on the strength of buyers during and after the breakout period, the price of AXL Coin is likely to surpass $1.1.
Will open interest contracts disappear soon?
On October 11th and 12th, when AXL spiked to $0.8, open interest contracts increased from $7.44 million to $21.6 million. After AXL Coin broke the high point and consolidated around $0.77, open interest significantly dropped to $12.8 million.
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Price Prediction of Axelar [AXL]
2024-25
Once the level of $0.872 is broken and flipped, similar scenarios may occur in the coming days. Therefore, traders should not succumb to FOMO and can wait for a buying opportunity.
Meanwhile, the upward trend of spot CVD indicates continued demand for Axelar.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other type of advice and is solely the author’s opinion.