Axelar Up 18% Amid Altcoin FOMO Fueled by Hayes’ Endorsement and Ecosystem Growth

Axelar (AXL) defied the broader market volatility today, surging over 18% in the past 24 hours. While Bitcoin and other major cryptocurrencies fluctuated, Axelar experienced a remarkable rally, fueled by a combination of positive news and growing investor interest.

Hayes’ Altcoin Prediction Sparks Interest in Axelar (AXL)

The recent surge in AXL can be partially attributed to a blog post by Arthur Hayes, the former CEO of BitMEX. Hayes, known for his bullish predictions on Bitcoin, recently announced his shift towards altcoins, naming Axelar as one of the projects he intends to invest in. This endorsement from a prominent figure likely triggered FOMO (fear of missing out) among investors, driving up the price of AXL.

Axelar’s Strong Fundamentals

Beyond Hayes’ influence, Axelar boasts impressive fundamentals that contribute to its bullish outlook. The platform facilitates seamless integration across over 50 blockchain networks, offering decentralized security and unrestricted programmability. This interoperability feature has attracted major corporations like Microsoft, solidifying Axelar’s position as a vital bridge between off-chain and on-chain worlds.

Recent Axelar Ecosystem Collaborations

Axelar continues to expand its reach through strategic partnerships. Its collaboration with composable USDC and f(x)Core highlights its commitment to promoting cross-chain interoperability and user engagement. These integrations not only enhance the utility of Axelar but also generate excitement within the crypto community.

AXL/USD Technical Analysis

• Current Price: $1.48
• 24-hour High: $1.50
• 24-hour Low: $1.26
• Moving Averages: The 50-day and 200-day moving averages are currently at $0.98 and $0.75, respectively, indicating a recent uptrend.
• Relative Strength Index (RSI): The RSI is currently at 26, suggesting that AXL could have more room for growth.

Overall, the recent surge in AXL’s price is likely a combination of Hayes’ endorsement, strong fundamentals, and promising ecosystem collaborations. While the RSI suggests caution for short-term traders, the overall trend appears bullish, with the potential for further growth in the coming months.