- The price of the Axelar crypto is highly volatile.
- The price of the AXL crypto has increased by 124% in 1 year.
Axelar Network’s native token, AXL, fuels its cross-blockchain communication protocol, enabling transactions, rewarding validators, and facilitating governance.
AXL holders participate in network upgrades and changes, ensuring decentralization. Sergey Gorbunov and Georgios Vlachos, former Algorand members, lead the team behind Axelar Network and its AXL token.
The annual inflation rate of the crypto is very high, resulting in 162.83%, which further results in a circulating supply of 651.55M AXL. Also, the total supply of the crypto is 1.15B AXL.
The market cap of the Axelar crypto has witnessed a decline of 4.12% in the last 24 hours. It is the 99th largest cryptocurrency globally, with a market cap value of $810.93M.
The traded volume for the crypto has advanced by 21.8% in the last 24 hours from the time of writing, resulting in a traded value of $19.157M. Also, the fully diluted market cap of the crypto is $1.429B, and the market cap dominance of the crypto is 0.03%.
The price of the AXL crypto is highly volatile, resulting in a volatility of 11.47%. Also, the sentiment of the crypto is bullish, and the fear and greed index of the crypto shows greed among investors.
Axelar Crypto Derivatives Analysis
In the last 24 hours, the recorded long liquidation for the crypto is much higher than the short liquidation of the crypto, resulting in $12.58K. Also, the short liquidation for the crypto is $3.98K.
The token price is trading with a long/short ratio of 0.9701, and the volume of derivatives traded for crypto has increased by 8.46% in the last 24 hours.
The value of the traded volume for the crypto is $20.18M, and the crypto’s open interest is $10.97M.
AXL Crypto Technical Analysis
Continuous lower-high swings are formed on the AXL crypto’s daily chart, showing that the crypto faces sellers’ dominance. Moreover, currently, an equal high pattern is formed on the chart.
This shows that the price is currently facing resistance at a higher level. If the price further breaks above the pattern of the equal high, a further surge in the price might be seen.
Despite this, if the price fails and continues to decline by breaking below the support level, the bears might lead to the crypto price.
AXL/USD Chart by TradingView on
The 50-day and the 200-day EMAs are trading in a golden cross, while the crypto price recently declined below the 200-day EMA.
The price of the crypto further has rebounded above the 200-day EMA recently. It further trades between the 50- and the 200-day EMA, which shows uncertainty in the price.
The MACD and the signal line are trading in a golden crossover, but the following metrics are trading in negative territory.
The RSI also follows a bearish cycle as it bounces from the oversold zone. Despite this, the RSI has advanced to 48 by breaking above the 14-day SMA.
Summary
The AXL crypto is experiencing volatility with an uncertain price pattern, forming equal highs. Despite a bullish sentiment, continuous lower-high swings indicate seller dominance.
A surge may occur if AXL breaks above the equal high pattern; however, a decline below support could signal bearish momentum. Trading conditions remain uncertain.
As multiple swing highs formed on the higher side of the crypto, the price might face resistance at the level of $1.6 and $2.1 while advancing to higher levels.
On the lower side, the support levels for the AXL crypto are at $0.610 and 0.890
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.