Technical analysis by YGTtrader about Symbol AXL: Buy recommendation (12/13/2024)

👋 Welcome to YGTtrader Academy! In today's analysis, we will examine in detail AXL, the native token of the Axelar project, which serves as a Crosschain platform and offers a blok chain explorer. 📅 Daily Timeframe: Uptrend and Channel Formation On the daily chart, it stands out in a low-sloping but stable uptrend and within the channel. There is a clear ascending trend line (line alt of the channel), which the price has tested four times. 📈 The token has broken the 0.8800 level, but has not yet started its main upward movement. There was a pullback to this level, and if the price breaks the 1.1105 resistance, the main movement of the uptrend wave may begin. 👀 The resistance at 1.1105, together with the 1.2833 level nearby, forms a strong supply zone. The upward breakout of the area between these two levels could accelerate the price's uptrend. 🚀 If this area is broken, the next targets are 1.6666 and 2.2800, respectively. The second target is very close to the ATH (All-Time High). 📉 Correction Scenario In the event of a possible correction, the first significant support will be the 0.8300 area. This area has been tested before and has worked as a strong support. In case of a deeper pullback, the rising trend line should be monitored. If this trend line is broken downward, the next critical support will be the 0.6666 level. 📝 Final Thoughts This analysis reflects our opinions only and does not contain investment advice. Don't forget to share your comments and share this analysis with your friends! ❤️