Bitcoin

Axelar Price Prediction: AXL was the top gainer on the Binance listing with a 68% gain, but analysts say this is a consideration for other cryptocurrencies with an APY of 729%.

adminMarch 2, 2024

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Axelar’s price has surged 68% in the past 24 hours, trading at $2.3891 as of 5:40 AM ET, with volume up 507%.

As interest in AXL soars, the token tops the list of top gainers alongside Fetch.ai (FET), SingularityNET (AGIX), Bittensor (TAO), and Chiliz (CHZ).

The Axelar price surge appears to have caught the attention of CNBC cryptocurrency trader and Crypto Banter founder Ran Neuner.

The Axelar price surge is related to the news that AXL will soon be listed on Binance, the world’s largest cryptocurrency exchange.

Blockchain researcher and data provider Lookonchain reported some interesting results amid the listing euphoria. One trader quickly used 500,000 Tether (USDT) to purchase AXL just one minute after Binance announced the listing of AXL. The trader then sold the tokens almost immediately, making a profit of 56,000 USDT within 10 minutes.

Another trader said he used BOT to trade after receiving a Binance listing notification on Telegram and made more than $600 in less than two hours.

The Axelar network advertises itself as “secure cross-chain communication for Web3.” We provide a decentralized network and tools to help decentralized application (dApp) builders achieve seamless cross-chain communication. This is achieved through a suite of protocols, tools, and APIs.

Axelar price outlook following Binance listing news

Axelar price finds support at $2.2194, which is the 78.6% Fibonacci retracement level. In a ‘buy on rumor, sell on news’ situation, altcoins are likely to increase profits until they are listed on the exchange. Once an altcoin is listed on an exchange, traders must remain sensitive as it can fall massively upon listing. In particular, the listing date has not yet been determined.

In the meantime, odds continue to favor an uptrend and Axelar price could extend its gains, filling the market range to $2.7388. If we are very optimistic, we can assume that the altcoin’s gains could clear the upper range hitting a new local high around the $3.0000 psychological level.

The relative strength index (RSI) to the north suggests that momentum is still rising despite AXL being significantly overbought at 87. According to Welles Wilder’s interpretation, an asset is considered suitable for selling only when the RSI crosses the 70 threshold.

With this, traders who still have open long positions on the Axelar price should consider keeping those positions open as the price may still expand northward.

Nonetheless, groups looking to enter new long positions should exercise caution as there is a high risk of Axelar price correction due to overbought conditions. Additionally, the fact that it has broken above the upper band of the Bollinger indicator at $1.9230 increases the possibility of a decline as it shows that the market is overextended.

The histogram bars of Moving Average Convergence Divergence (MACD) and the histogram bars of Awesome Oscillator (AO) show the presence of strong bullishness in the AXL market, adding credence to the bullish theory.

shouldershoulder

TradingView: AXL/USDT 1-day chart

converse case

Conversely, the Axelar price may adjust if AXL holders begin to cash out the profits they have made so far. The ensuing selling momentum could cause Axelar price to continue its downtrend, potentially losing the most important Fibonacci level of 61.8% at $1.8116. In a severe case, the decline could send the altcoin back into the range of a rising parallel channel, which coincides with the 50% Fibonacci level of $1.5252.

However, the price must fall below the channel’s center line for the bullish case to be invalidated. This is represented by the 38.2% Fibonacci level of $1.2388.

Despite Axelar’s surge, investors looking for projects with strong potential are considering entering Sponge V2 before it is listed on major exchanges.

A promising alternative to Axelar

Sponge V2 is the latest meme coin sensation to come out after its predecessor, Sponge V1, was discontinued on February 5th.

Sponge V2, one of the meme coins that analysts say could record exponential profits upon launch, now has a Polygon version and an Ethereum version. The migration to Polygon was inspired by recent malicious attacks on liquidity pools.

The token will soon be listed on several exchanges. But until this happens, staking features continue to provide investors with a variety of opportunities to earn income passively. Buy Sponge V2 now and earn rewards by staking.

Sponsors earn tokens by staking $SPONGE before the billing date. Token holders currently enjoy high Annual Percentage Yields (APY) of 185% on Ethereum and 729% on Polygon.

More than 8.757 billion tokens have been staked so far. This is one of the reasons why analysts consider it one of the top five cryptocurrencies to invest in right now. Cryptocurrency YouTuber Jacob Bury listed Sponge V2 as one of the best meme coins you can buy right now.

With Solana’s hype fading and Ethereum becoming the leading altcoin, the recent market strength could potentially inspire confidence in the network’s meme coins.

This means that more investment could soon flow into projects like Sponge V2 running on the Ethereum ecosystem.

Visit and purchase Sponge V2 here.

Also read:

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adminMarch 2, 2024

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