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The Axelar price skyrocketed 68% in the last 24 hours to trade for $2.3891 as of 5:40 a.m. EST time, with a 507% increase in trading volume.
With soaring interest in AXL, the token has topped the top gainers list, alongside Fetch.ai (FET), SingularityNET (AGIX), Bittensor (TAO), and Chiliz (CHZ).
𝗧𝗢𝗣 𝗚𝗔𝗜𝗡𝗘𝗥𝗦 🔺 𝗜𝗻 𝗛𝗶𝗴𝗵 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗮𝗽 (𝗧𝗼𝗽 𝟭𝟬𝟬)$AXL ~ 61.48%$FET ~ 17.84%$AGIX ~ 15.13%$TAO ~ 12.20%$CHZ ~ 9.24%
What's Your Favourite Gem That Can Go 100x? 🤔💎
Interestingly $WIF is also There in 6th Position 🏆#cryptomarket pic.twitter.com/ejLj9At08N
— YG crypto (@ygcrypto) March 1, 2024
The surge in the Axelar price seems to have caught the attention of CNBC crypto trader and Crypto Banter founder Ran Neuner.
YESSSSSSSS! pic.twitter.com/WUnCePKBwu
— Ran Neuner (@cryptomanran) March 1, 2024
The surge in the Axelar price is associated with news of the imminent listing of AXL on Binance, the world’s largest crypto exchange.
#Binance will List @axelarnetwork $AXL with Seed Tag Applied.
➡️ https://t.co/93ubceRfJD pic.twitter.com/SeXNwmZJUn
— Binance (@binance) March 1, 2024
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.
This trader quickly spent 500K $USDT to buy $AXL 1 minute after #Binance announced the listing of $AXL. #Axelar
Then he sold $AXL immediately and got 556K $USDT.
He made 56K $USDT in only 8 minutes!https://t.co/aRv3EV3LUq pic.twitter.com/leHUVfi3Mr
— Lookonchain (@lookonchain) March 1, 2024
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.
How I made over $600 in under 2 hours 👇🏻
1. I had notification turned on for Binance announcements on telegram
2. I had my maestro bot set, you can join maestro bot here https://t.co/CQRcemDHbt
3. The moment I received the $Axl listing update on telegram, I went on… pic.twitter.com/K5s7RvUt1N
— MrBanks💰 (@Mrbankstips) March 1, 2024
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.
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.
https://www.youtube.com/watch?v=KyoqvjF4tQw&pp=ygUJc3BvbmdlIHYy
Promising Alternative To Axelar
Sponge V2 is the latest meme coin sensation, coming after its predecessor, Sponge V1, was discontinued on Feb. 5.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
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.
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
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.
Girls will come and go but $SPONGE will always stay! 🧽🧽
Stake your $SPONGE tokens now before February 5th! ⏰
Remember, holders on both DeFi and exchanges should stake their Sponge V1 through our website to be able to claim SPONGE V2.#SpongeV2 #Crypto #AltSeason #BTC #100x pic.twitter.com/VWqy88wDBA
— $SPONGE (@spongeoneth) February 4, 2024
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.
Also Read:
- Top Meme Coin Surges 13% In A Week As Investors Gear Up for 11 PM Sponge V2 Bridging Deadline – Stake Now, Time Is Running Out!
- Sponge Unveils Strategic Pivot To SPONGE V2 On Polygon Network Following Liquidity Pool Attack
- Alessandro De Crypto Sponge V2 Presale Update – High-Staking Rewards Investment Opportunity
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
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