Market Overview: Axelar/Bitcoin (AXLBTC) on 2025-12-18

Summary
• Price formed a bearish engulfing pattern after testing 1.11e-06 support multiple times.
• Volume surged near the 001500 session, confirming a sharp 2.4% drop.
• RSI and MACD signaled bearish momentum, with RSI entering oversold territory near 27.
• Bollinger Bands narrowed overnight, suggesting potential volatility ahead.
• No clear Fibonacci retracement levels provided immediate resistance, indicating unstructured selling.

At 12:00 ET − 1, Axelar/Bitcoin (AXLBTC) opened at 1.15e-06, reached a high of 1.15e-06, and a low of 1.02e-06 before closing at 1.02e-06 at 12:00 ET. Total volume was 189,344.94 and notional turnover amounted to 190.82.

Structure & Momentum

AXLBTC displayed a bearish bias throughout the 24-hour period, with a bearish engulfing pattern forming around the 1.11e-06 level. The Relative Strength Index (RSI) dipped into oversold territory near 27 by the close, signaling potential for a near-term bounce. Meanwhile, the MACD line crossed below the signal line, reinforcing the bearish momentum.

Volatility and Bollinger Bands

Bollinger Bands contracted overnight, indicating a period of consolidation before a potential breakout. Price remained within the lower half of the bands for most of the session, reflecting subdued volatility during early hours before a sharp drop triggered a widening of the bands.

Volume and Turnover

Volume spiked at 001500 ET with a massive 137,096.78 units traded, coinciding with a 1.1e-06 to 1.08e-06 price decline. Turnover followed the volume closely, confirming the move. However, no significant divergence between price and volume was observed, suggesting the bearish move was genuine.

Key Levels and Fibonacci

A key support level appears at 1.02e-06, where price found refuge at the close. A 61.8% Fibonacci retracement level is near 1.04e-06, which may serve as a short-term resistance if a rebound occurs. No strong bullish signals emerged from daily chart indicators to suggest a reversal.

Looking ahead, AXLBTC may test 1.02e-06 support for confirmation, with potential for a bounce if the RSI continues to show divergence. However, traders should remain cautious of a further drop toward 1.00e-06 if bearish momentum persists.