AXL price is 11% on MXRP launch, can it reverse its multi-month trend?

Axl Price has risen over bullish developments in the last 24 hours, because Axelar was trending on Google. However, the technical setup remains weak. Will the present momentum help to reverse a downtrend of several months?

According to data from crypto.news, Axelar (AXL) price recovered 11% after the project had unveiled an important partnership with XRP whides, with an intraday high from $ 0.31 on the morning of September 23 (Asian time) before it was established on the press at $ 0.30.

Axl Price has been on a downward trend since he reached a record high in March 2024, and despite the recent leap, token still remains by 12% compared to its weekly high and 60% below the highest point this year.

The daily trade volume for token almost doubled the previous day, because more than 23 million tokens exchanged hands between traders, while market capitalization was $ 317 million.

Despite AXL’s rebound today, the price promotion for token is largely modest because of the wider market down that Bitcoin (BTC) has seen several lows to visit in the past two days. The total crypto market capitalization had lost a considerable part of the value during the same time frame and still fell 2.5% in the last 24 hours at $ 3.9 trillion from this letter.

Axl’s short -term price front views Beerarish remains on the daily graph. In particular, the token trades under all its simple advancing averages, whereby the averages are placed above the shorter term in the longer term, a structural traders often interpret as a sign of complete Bearish control.

At the same time, the Aroon -indicator, which is often used to gauge the trend direction and strength, shows the Aroon at 92.86% while the Aroon was up at 0%.

When Aroon hangs down almost 100% and Aroon stays up, this often reflects a market firmly in the grip of sellers, with few signs of an incoming reversal.

The relative strength index reading, however, was 47, which means that token was somewhat sold over, a potential signal that Beerarish Momentum could slow down, especially if buying interests continues to build around the recent partnership news.

For AXL to break out of his Downtrend of several months, it should reclaim the most important resistance levels from $ 0.32, where the 50-day advancing average is currently floating.

Technical indicators for AXL can still favor the bears, but the sentiment around the Axelar project itself seems to improve, especially in the light of its recent partnership.

On September 22, MXRP, which will be advertised as the first full Defi-composable XRP yield product, was officially launched in collaboration with Axelar, Midas and Asset Manager Hyperithm. With MXRP, XRP holders can use MXRP in Defi protocols to maximize income from their XRP companies.

MXRP has been developed with the help of Aexlar as the interoperability protocol, and such a high -profile partnership is expected to increase its income that has been generated from transaction costs and also contributes to the credibility of the protocol.

The buzz around the partnership has also led to a strong increase in the onchain activity on the Axelar network. According to facts From santiment, the daily active addresses on the network have risen by more than 85% in the last 24 hours.

In the background, whales are interested in token and have performed their interests, probably to take advantage of the price dip, with AXL who fell more than 16% compared to his 7-day high point of $ 0.3465 the previous day. (See below.)

With the increased community interviews, especially around the MXRP launch and new interest of the XRP community, Axelar was also a trending subject on Google, which is often a sign of retail interest.

As soon as the wider cryptomarkt stabilizes, Axl Price may be able to recover from his recent decline.