Axelar (AXL) jumped more than 60% in one day after it was listed on Upbit, South Korea’s top crypto exchange. The listing went live on June 10 at 07:00 UTC, with traders jumping in trade AXL against both the Korean Won (KRW) and Tether (USDT). The price quickly spiked to $0.58.
AXL was trading in a downtrend before the listing. The token had been stuck in a falling wedge pattern for months, but the listing helped the price break the pattern, and now the direction is now trading upside. As of the time of writing, AXL’s trading volume has risen from $18.65 million to $366.43 million in 24 hours. This is a massive 6101% jump in one day.
The token’s market cap also grew past $500 million, pushing it to rank as the 114th-largest crypto by size. Minutes after the listing was announced, AXL saw a 65% surge in price, hitting $0.55 in a flash. According to market data from Santiment, Axelar saw a 924.29% spike in Price Daily Active Addresses (DAA) divergence. This means many more users were interacting with the token than usual.
Moreover, technical indicators are also giving bullish signs for AXL price, according to data from TradingView. The Moving Average Convergence Divergence (MACD) that tracks the momentum of price has flipped above zero. This means the bulls have taken over the market.
On the contrary, the RSI on the daily timeframe is currently at 79. This means the market might experience a short retracement soon to correct the imbalance that the bull caused following the surge.
If the bulls dominate the market, AXL price could target $0.61 as the next resistance, and possibly $0.82 based on the 0.382 Fibonacci retracement level. However, if buying pressure fades, the Axelar price could fall back to support levels around $0.46 or even $0.30 in a more bearish scenario.
Also Read: Why Is Bitcoin Price Falling Suddenly?
