Axelar's recent price surge has caught the attention of the crypto community, as it has experienced a remarkable increase of over 20%. This rebound comes after a lengthy period of underperformance, raising questions about the sustainability of this upward momentum. According to the results published in the material, the market dynamics may play a crucial role in determining the future trajectory of Axelar's price.
Price Increase Attributed to Axelar's Integration with Hedera
The significant price increase is largely attributed to renewed interest following Axelar's integration with Hedera, which has opened new avenues for collaboration and utility. Additionally, the new stewardship by Common Prefix has instilled confidence among investors, contributing to the recent bullish sentiment.
Analysts Cautious Despite Positive Movement
Despite this positive movement, analysts remain cautious. They emphasize that the overall market trend is still bearish, with Axelar's price continuing to trade within a descending wedge pattern. This technical formation suggests that while the recent gains are noteworthy, the potential for further declines cannot be overlooked.
The NFT market has recently shown signs of resurgence, with trading volumes surpassing 100 million for the first time in a while. This development contrasts with the cautious optimism surrounding Axelar's price surge. For more details, see NFT market recovery.
