Axelar (AXLUSDT) Market Overview: Bearish Momentum and Oversold Conditions

• AXLUSDT declined 2.1% over the past 24 hours, closing near key support at 0.3035.
• Volume surged during the overnight sell-off, confirming bearish momentum below the 20-period MA.
• RSI and MACD suggest oversold conditions, but price remains under pressure from a descending trend channel.
• Bollinger Band contraction at 0.3053 implies potential volatility ahead, likely to break lower.
• A bullish engulfing pattern emerged around 0.3042–0.3053, but lacks follow-through to confirm reversal.

24-Hour Price Performance

Axelar (AXLUSDT) opened at 0.3125 (12:00 ET–1) and traded as high as 0.3174 and as low as 0.3013, closing at 0.3037 (12:00 ET). The pair saw 24-hour volume of ~3.1 million contracts and a notional turnover of ~$967k, with a marked increase in selling pressure during the early morning hours.

Structure & Key Levels

A strong descending channel has formed over the past 24 hours, with resistance near 0.307 and support at 0.3035. A bearish pinbar at 0.3046 and a key 50-period MA at 0.3064 are currently acting as short-term resistance. A bullish engulfing pattern formed between 0.3042 and 0.3053 but failed to hold, suggesting bears still in control.

Indicators and Momentum

The 20-period MA (15-min) is at 0.3063, while the 50-period MA is at 0.307. RSI has dropped into oversold territory (~32), but divergence is absent. MACD is negative and crossing below the signal line, reinforcing short-term bearish bias. Bollinger Bands have been narrow but are expanding lower, pointing to increased volatility likely to break below 0.3035.

Volume and Turnover

Volume spiked during the early morning sell-off, especially around 0.3063–0.3042, confirming the move lower. However, turnover did not significantly increase during the most recent bullish attempt near 0.3053, suggesting lack of conviction in buyers. Divergence between volume and price action is limited, but bearish momentum appears to be supported by liquidity flow.

Fibonacci Retracements and Probable Outcomes

On the 15-minute chart, the 61.8% Fibonacci retracement level at 0.3035 is currently acting as a critical support. A break below this level could target 0.3010–0.3005. Conversely, a reversal above 0.3055 may test 0.3070 as a short-term resistance. On the daily chart, a 61.8% retracement from the recent high is at 0.3080, which may become relevant if there is a larger rebound.

Axelar appears to be in a short-term bearish phase, with oversold RSI and weak volume confirming the downward move. While a rebound to test 0.3053–0.3070 is possible, a break below 0.3035 could trigger further momentum to the downside. Investors should remain cautious and watch for any divergences in volume and indicators over the next 24 hours.