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Axelar Price Prediction: AXL Is Top Gainer With 68% Pump On Binance Listing, But Analysts Say Consider This Other Crypto With 729% APY


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The Axelar price skyrocketed 68% in the last 24 hours to trade for $2.3891 as of 5:40 a.m. EST time, with a 507% increase in trading volume.

With soaring interest in AXL, the token has topped the top gainers list, alongside Fetch.ai (FET), SingularityNET (AGIX), Bittensor (TAO), and Chiliz (CHZ).

The surge in the Axelar price seems to have caught the attention of CNBC crypto trader and Crypto Banter founder Ran Neuner.

The surge in the Axelar price is associated with news of the imminent listing of AXL on Binance, the world’s largest crypto exchange.

Blockchain researcher and data provider Lookonchain has reported interesting findings amid the listing euphoria. One trader quickly spent 500,000 Tether (USDT) to buy AXL only one minute after Binance announced the listing of AXL. The trader then sold the tokens almost immediately, netting a profit of 56,000 USDT in under 10 minutes.

Another trader said he received a notification of the Binance listing on Telegram, then used a BOT to make a trade, and making over $600 in under 2 hours.

The Axelar network advertises itself as a “secure cross-chain communication for Web3.” It provides a decentralized network and tools to help decentralized applications (dApps) builders with seamless cross-chain communication. This is through its protocol suite, tools, and APIs.

Axelar Price Outlook Amid News Of Binance Listing

The Axelar price is sitting on support due to the 78.6% Fibonacci retracement level of $2.2194. Amid the ‘buy the rumor sell the news’ situation, the altcoin is likely to extend the gains until it finally lists on the exchange. Traders should stay keen as the altcoin could drop massively upon listing once it goes live on exchanges. Notably, the listing date remains unspecified.

For the meantime, the odds continue to favor the upside and the Axelar price could extend the gains, likely filling the market range at $2.7388. In a highly bullish case, the gains could extrapolate for the altcoin to clear the range high ad record a new local top around the $3.0000 psychological level.

The northbound Relative Strength Index (RSI) suggests momentum is still rising, despite AXL being massively overbought at 87. Based on Welles Wilder’s interpretation, an asset is only considered ripe for selling when the RSI crosses below the 70 threshold.

With this, traders who still have open long positions for the Axelar price should consider keeping them open as the price could still extend north.

Nevertheless, the cohort looking to enter new long positions should exercise caution as the overbought status puts the Axelar price in high risk of a correction. Also, the fact that is has broken above the upper band of the Bollinger indicator at $1.9230 also increases the odds of a pull back as it shows the market is over stretched.

The histogram bars of the Moving Average Convergence Divergence (MACD) as well as those of the Awesome Oscillator (AO) show a strong presence of the bulls in the AXL market, adding credence to the bullish thesis.

AxelarAxelar

TradingView: AXL/USDT 1-day chart

Converse Case

On the flip side, if AXL holders begin to cash in on the gains made so far, the Axelar price could correct. The ensuing seller momentum could see the Axelar price extend the fall, potentially losing the most important Fibonacci level of 61.8% at $1.8116. In a dire case, the fall could send the altcoin back into the confines of the ascending parallel channel, which coincides with the 50% Fibonacci level of $1.5252.

For the bullish case to be invalidated, however, the price must descend below the midline of the channel. This is marked by the 38.2% Fibonacci level of $1.2388.

Even as Axelar soars, investors looking for projects with supercharged potential are also mulling entry into Sponge V2 before it lists on major exchanges.

Promising Alternative To Axelar

Sponge V2 is the latest meme coin sensation, coming after its predecessor, Sponge V1, was discontinued on Feb. 5.

Featuring among the meme coins that analysts say could record exponential gains at launch, Sponge V2  now has a Polygon version and an Ethereum version. The migration to Polygon was inspired by a recent malicious attack on its liquidity pool.

The token will soon list on multiple exchanges. However, before this happens, the staking function continues to give investors multiple opportunities for earning income passively. Buy and stake Sponge V2 to start earning rewards today.

Spongers will gain tokens by staking $SPONGE before the claim date. Token holders are currently enjoying annual percentage yields (APY) as high as 185% on Ethereum and 729% on Polygon.

So far, upwards of 8.757 billion tokens have been staked. This is among the reasons why analysts rank it among the top five cryptos to invest in now. Crypto YouTuber Jacob Bury ranks Sponge V2 among the best meme coins to buy now.

With the Solana hype fading, and Ethereum being the leading altcoin, the recent bullish turn in the market could potentially inspire confidence in meme coins on its network.

That suggests more investment might soon flow to projects like Sponge V2 that run on the Ethereum ecosystem.

Visit and buy Sponge V2 here.

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