Apecoin Price Shows a Potential 6% Rise, But There’s a Catch – Crypto News – Crypto News
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Apecoin Price Shows a Potential 6% Rise, But There’s a Catch – Crypto News

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2 years ago

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Published 10 minutes ago

A pair of new higher high and higher low formations in Apecoin’s daily time frame chart create a sense of steady recovery in this coin. Furthermore, the rising prices resonating between two parallel trend lines hint at a parallel channel pattern forming. Here’s how this chart pattern may influence the future price of Apecoin price.

Key Points:

  • A parallel channel pattern is currently carrying the ongoing recovery in Apecoin price.
  • The $5.26 is a highly concentrated resistance zone for the coin holder.
  • The intraday trading volume in Apecoin is $173. Million, indicating a 26% gain

Apecoin Price Source- Tradingview

Amid the recent recovery in the crypto market, the APE price has recently formed a local top at $5.26 resistance. However, this level, accompanied by other technical resistances such as the 200-day EMA and the parallel channel pattern trendline, creates a high supply zone.

Also read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT

In theory, the rising parallel channel pattern is a famous bearish continuation pattern. Although this pattern carries a steady, the chances are higher that loss of bullish momentum will break the lower trendline. Thus, a bearish breakdown from the support trendline will intensify the selling pressure and resume the prevailing downtrend.

Having said that, the coin buyers could enjoy the ongoing police trend until the channel pattern is intact. By press time, the Apecoin price trades at $5 and is 11.% up in the last two days.

With sustained buying, the coin price will rise another 5% to revisit the dollar 5.2 resistance mentioned above. Traders should be cautious at this level as it holds the power to undermine the bullish momentum.

technical indicators

Vortex indicator: the reduced gap between the VI+(Blue) and VI-(Red) slope indicates a loss of bullishness momentum. However, a bearish crossover between these slopes is prevented, indicating the buyer still has the upper hand.

EMA’s: the 20-50-and-100-day EMA wavering around the $4.4 to $4.2 mark creates a strong support zone.

Apecoin Intraday Price Levels

  • Spot price: $4.93
  • Trend: Bullish
  • Volatility: low
  • Resistance level- $5.2 and $6
  • Support level- $4.4 and $4.2

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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