Axelar crypto pumped by 43% in October – Time for a cool-off now?
- AXL’s recovery hit over 40% in October
- However, the altcoin still faces short-term headwinds amid reduced market interest
Axelar [AXL], a protocol that offers cross-chain communication like Chainlink [LINK], surged by over 40% during October amid a broader market rebound.
The aforementioned recovery pushed AXL to a multi-month high and a previous Q2 support below the $1. Hence, the question – Can AXL move forward now?
AXL’s uptrend status
Source: AXL/USDT, TradingView
Since late September, AXL has been making higher highs and lowers – A bullish market structure perfect for long positions as the price surged.
However, at press time, AXL faced price rejection at the Q2 support-cum-resistance level of $0.88.
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