โ ๏ธ $AXL Alert: Bull Trap or Just a Relief Bounce? ๐
Don't let the recent green candles blind you! While Axelar ($AXL) saw a momentary 19% spike over the weekend, the higher-timeframe reality is looking grim. We are seeing a classic "Dead Cat Bounce" as AXL hits a brick wall of resistance.
The Red Flags You Can't Ignore:
๐ Stiff Resistance: AXL just got rejected hard at the **$0.083 - $0.086 zone**. It failed to close a daily candle above this supply level, confirming that sellers are still in total control.
๐ Supply Dilution: Upbit just revised the circulating supply upward by 17.1 Million tokens this quarter. More supply + stagnant demand = lower prices.
๐ Broken Structure: The move below $0.066 on Jan 20th confirmed a bearish market structure. We are currently making "Lower Highs," a textbook sign of a downtrend.
โ๏ธ The "Circle" Hangover: Ever since Circle acquired the dev team but left the token behind, investor confidence has been shaky. Who is driving the utility now?
๐ Technical Breakdown
Bearish Divergence: The RSI is showing a weak recovery while price struggles, suggesting the buying momentum is already exhausted.
Critical Support: If we lose the $0.072 level, expect a fast slide back to the yearly lows of $0.062.
Moving Averages: The 200-day EMA is sloping downward and sitting far above the current price, acting as a massive "ceiling" that $AXL can't seem to touch.
๐ก Pro Tip: Be careful "buying the dip" here. Until we see a confirmed daily close above $0.09 with high volume, this remains a "Sell the Rip" setup.
Are you holding or folding? Letโs discuss in the comments! ๐
#Axelar #AXL #Bearish #CryptoAnalysis #TradingSignals
$AXL trade here ๐
