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AXL, the token that powers Axelar’s cross-chain cryptocurrency platform, spiked more than 20% on Thursday. AXL was last changing hands just above $0.55, up from earlier session lows under $0.45, though now down about 12.5% from earlier session highs in the $0.63s. AXL is now trading around 40% higher versus the record lows it posted earlier on this month under $0.40. But that still leaves the token over 50% below the record highs it printed around $1.15 back in September.
This Update Triggered AXL’s Rally
Coinbase announced on Wednesday that it had added Axelar’s AXL token to its roadmap of crypto assets that it plans to list on its exchange.
Assets added to the roadmap today: Axelar (AXL) https://t.co/zu1IBdrD7X
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 14, 2022
The rally in AXL’s price began on Thursday, hours after the update from Coinbase, but nonetheless, traders have attributed the news of Coinbase’s listing plans as behind the gains. When a token like AXL is listed on Coinbase, this typically increases demand for the token by putting it in front of a massive new market of potential buyers.
Price Prediction – Where Next For AXL?
AXL’s rally on Thursday is meaningful from a technical perspective. For the first time since mid-October, AXL has been able to break substantially to the north of its 21-Day Moving Average (DMA) (currently near $0.50), suggesting a possible shift in near-term momentum. The cryptocurrency has also been able to break to the north of a downtrend that has been in play since late October.
AXL bulls will be hoping that a retest of the old downtrend that had been capping the price action for the last few weeks will provide a near-term floor and set up a possible retest of the 50DMA in the $0.60s. However, with Wednesday’s hawkish Fed meeting seemingly having shattered the prospect of a broader crypto “Santa rally” as 2022 draws to a close, with the likes of bitcoin and ethereum both suffering on Thursday, the prospects of a sustained rally in the absence of a broader improvement in crypto sentiment look slim.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as StepN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOuts FGHT token are currently selling for 60.06 per 1 USDT and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $1.8 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.82 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.45 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.
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