Axelar [AXL] Price Prediction 2022: Will AXL Coin Price Rise?

Axelar [AXL] was up by 52.8% within two weeks. It rose by 12.35% in the past 24 hours but saw a sizeable dip recently, making its 1-day gains worth just over 5%.

Axelar (AXL) price surged over 50% in two weeks. At the time of writing, the token was trading at $0.81, up 12.35% in the past 24 hours. However, AXL’s price witnessed a significant dip recently, rendering its 1-day gains to be worth just over 5%.

The past 24 hours saw a 78% increase in trading volume for the $700 million market cap token. This influx of activity was driven by bullish expectations, as evident from the technical analysis.

Axelar’s breakout from a range formation, which had been in play since mid-June, was a key technical development. The four-month range extended from $0.434 to $0.738.

Throughout the past two weeks of trading, AXL broke out past the highs and subsequently retested them as support. This provided an ideal buying opportunity, especially considering the On Balance Volume (OBV) indicator, which showcased rising buying pressure.

The OBV had been trending upward for a month, indicating a higher probability of a sustained move in that direction.

Furthermore, the daily Relative Strength Index (RSI) indicator was approaching the overbought zone, presenting a possibility for a price pullback. However, it did not yet display any divergence.

The next resistance levels for AXL coin were $0.872 and $1.1, which could potentially impede the bulls’ advance.

Based on the strength of the buyers during and following the breakout, it was likely that AXL coin prices would continue to rise beyond $1.1.

OI may decline soon?

On 11 and 12 October, as AXL surged toward $0.8, the Open Interest (OI) increased from $7.44 million to $21.6 million. After AXL coin breached the highs and consolidated around the $0.77 level, OI fell drastically to reach $12.8 million.

A scenario like this could unfold in the coming days once the $0.872 level is breached and flipped. Hence, traders were advised to avoid succumbing to FOMO and instead await a buying opportunity.

Meanwhile, the spot Composite Volume Delta’s (CVD) uptrend indicated sustained demand for Axelar.

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