The crypto market is slowly but surely recovering as the traders come out of their fear. With investors starting to see glimpses of hope, many are entering the market. In such a backdrop, there are three tokens that are at three different stages of their recovery.
Hedera (HBAR) tries to get back in the groove
Hedera is an enterprise-grade public network that enables individuals and organizations to build dApps on it. Hedera’s native token, HBAR, serves two main purposes. Firstly, the HBAR token powers Hedera services, such as smart contracts, file storage, and regular transactions. Secondly, the HBAR token could be used to secure the token by staking it.
When looking at the HBAR prices, the token is currently trading at $0.197. However, during the past days, HBAR crashed below its falling wedge before rebounding on renewed buying pressure. The token is attempting to re-establish footing within the pattern but faces immediate resistance near the 50-day EMA at $0.119. A confirmed move back inside the wedge would strengthen the bullish setup, with $0.25 as the next key upside target.
Axelar (AXL) continues its downward streak
The Axelar (AXL) is a project that enables secure cross-chain communication. To enhance cross-chain communication, the project has three core components: a decentralized network, a software development kit of protocols and APIs, and a set of gateway smart contracts for cross-chain connectivity. AXL is the native token of the Axelar network. The protocol uses a wrapped version of the AVAX, ETH, FTM, and MATIC to support cross-chain transfer.
At the time of writing, AXL is exchanging hands at $0.18 after losing around 5% during the past week. As shown in the chart below, AXL has been on a downward trend, making lower lows, and the bears took control. With the prices crashing below a strong support level of $0.28, the token is now in dire straits. However, the RSI set at 50 is rising and towards the Simple Moving Average, suggesting that the token is on the verge of recovering. In addition to the indicator, the budding green candlestick could be the beginning of the next bull rally.
PancakeSwap consolidates after a rough week
PancakeSwap is a decentralized exchange (DEX) operating across multiple blockchains — primarily the BNB Chain and Ethereum. It provides users with trading, staking, and yield farming opportunities through an automated market maker (AMM) model, allowing direct wallet-to-wallet transactions. Its native token, CAKE, fuels the platform’s ecosystem, offering rewards and access to various features.
CAKE is trading at $2.59 after losing more than 4% during the past week. When the markets opened for weekly trading, CAKE was priced at $2.6, and the token prices bashed around as the week progressed. However, as of now, the token has a consolidation phase where the price is fluctuating inside a tight range between $3 and $2.5, while the RSI is neutral.
