L2 Tokens Soars As Optimism (OP) Price And Axelar (AXL) Price Surge! Eyes 30% Pump This Week?

The post L2 Tokens Soars As Optimism (OP) Price And Axelar (AXL) Price Surge! Eyes 30% Pump This Week? appeared first on Coinpedia Fintech News

The cryptocurrency industry continues to display an increase in price volatility with mid-cap and low-cap altcoins recording the highest price fluctuations, highlighting an increase in the buying and selling pressure for these tokens within the crypto space.

Furthermore, Layer-2 projects have experienced a significant uptrend in their respective portfolio over the past few days, indicating rising interest of investors in them.

OP Price Hints A Bearish Influence Despite Price Pump:

The Optimism price has regained momentum after hovering close to its crucial support level at $2.025. It is constantly recording a higher high, indicating a rising bullish influence for the altcoin in the crypto industry.

Moreover, the OP token has added 11.20% within the past day and 13.53% over the past week, highlighting a positive outlook for the Optimism token in the coming time.

However, the Cross EMA acts as a resistance to the price chart and further indicates a high possibility of a Death Cross in the 1D time frame, highlighting a potential bearish reversal in the crypto space. 

The Relative Strength Index (RSI) has displayed a bearish curve after surpassing its mid-point, indicating a bearish sentiment in the crypto market. Furthermore, the averages show a bullish rise, suggesting uncertainty in the future price action for the OP token.

If the market holds the price above the support level of $2.525, the bulls will prepare to test its resistance level of $3.155 by the upcoming weekend. Conversely, if the market experiences a bearish reversal in the chart, the OP price will plunge and test its support level of $2.525 this week.

Axelar Price Breaks Out Of Its Resistance Level:

The AXL price has added approximately 15% in valuation within the past day, resulting in this token successfully entering the list of top 100 cryptocurrencies by market cap. Further, it has also claimed the top gainer spot within the past 24 hours among the top 100 tokens.

The technical indicator, RSI, shows a massive uptrend in its chart in the 4H time frame, indicating a significant increase in the buying-over-selling pressure within the crypto industry. Moreover, the averages display a rising pattern, suggesting the price will continue gaining value in the coming time.

If the AXL price continues to trade under a bullish sentiment, it will prepare to test its upper resistance level of $1.4480 during the upcoming week. However, if the bears overpowered the bulls, the Axelar token will plunge toward its low of $1 by the upcoming weekend.