Top Crypto Gainers May 2: Dogwifhat (WIF), Axelar (AXL), and Pepe (PEPE)

With Fear and Greed at 47% in the crypto market, investors are cautiously optimistic about the current state of the market. This balanced sentiment suggests that a healthy mix of fear and greed is driving decision-making among traders. During this period, the top gainers, according to CoinMarketCap, are Dogwifhat (WIF), Axelar (AXL), and Pepe (PEPE).

Dogwifhat (WIF)

After establishing support at the intra-day low of $2.31, the Dogwifhat (WIF) bullish momentum gained strength with the last 24 hours positive. Therefore, the WIF price rallied to a 48-hour high of $2.73  as of press time, a 17.38% surge from the intra-day low. This rally, however, follows the bearish phase that has been experienced in the WIF market, with the price down 5.79% in the last week despite the uptrend. If the bulls breach the $2.75 resistance, the next resistance levels to watch are $3.00 and $3.25. 

WIFUSD 24-hour price chart (source: CoinMarketCap)

The bullish momentum may continue if the support level at $2.50 holds strong in the coming days, indicating a potential trend reversal for WIFUSD. However, if the price fails to hold above $2.50, a retest of lower support levels around $2.25 and $2.00 could be expected, potentially leading to a continuation of the bearish trend in the short term. 

During the rally, WIF's market capitalization and 24-hour trading volume surged by 16.77% and 6.92% to $2,700,294,716 and $492,815,979, respectively. This surge in market capitalization and trading volume reflects growing investor interest in WIFUSD and could contribute to further price movements. 

Axelar (AXL)

Second on the list of top gainers is Axelar (AXL), which saw a 12.45% increase in price over the past 24 hours. This surge in price could indicate a potential bullish trend for AXLUSD in the near future. During the rally, AXL's price swayed between an intra-day high and low of $1.22 and $1.08, respectively. 

AXLUSD 24-hour price chart (source: CoinMarketCap)

This significant price movement may attract more traders and investors to AXLUSD, potentially leading to increased trading volume and liquidity. The market capitalization and 24-hour trading volume rallied by 13% and 71.95% to  $789,332,399 and $39,119,265, respectively. This increased activity suggests a growing interest in AXLUSD and could contribute to its continued price growth in the coming days. 

If the bulls manage to turn the $1.22 resistance into support, the next resistance levels to watch for are $1.30 and $1.40. Breaking through these levels could signal a further upward trend for AXLUSD. However, traders should also be cautious of potential profit-taking at these levels, which could result in a temporary pullback in price. A breach below the intra-day low of $1.15 could indicate a shift in momentum and a possible retest of lower support levels around $1.10 and $1.05. 

Pepe (PEPE)

Despite a poor start to the trading day, Pepe (PEPE) bulls managed to maintain bullish momentum, with it coming in third on the list of top gainers in the crypto market. With a strong buying interest, PEPE has been on a bull rally in the last 24 hours, with the price swaying between a high and low of $0.000007149 and $0.000006067, respectively. At press time, PEPE was exchanging hands at $0.00000702, a 14% surge from the intra-day low.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

However, traders should remain cautious as the possibility of a temporary pullback in price exists, especially if there is a breach below the intra-day low of $0.000006067. In this instance, the next support levels to watch for are $0.0000055 and $0.0000050. On the other hand, if the bullish momentum holds and the resistance at $0.000007149 is broken, PEPE could target the next resistance levels at $0.0000080 and $0.0000090.

Pepe's market capitalization and 24-hour trading volume surged by 14% and 6%, respectively, to $2,954,758,835 and $1,041,647,785, reflecting the increased interest and activity in the coin. This positive momentum could indicate growing confidence among investors in PEPE's potential for further price appreciation.