Resumed Recovery In Apecoin price Aims 22% Upswing; Enter Now? – Crypto News – Crypto News
Connect with us
ApeCoin DAO's New Update Disappoints The Community, Here's Why ApeCoin DAO's New Update Disappoints The Community, Here's Why

Business

Resumed Recovery In Apecoin price Aims 22% Upswing; Enter Now? – Crypto News

Published

3 years ago

on

Over the past two months, the Apecoin price rose while resonating between two trendlines, indicating the formation of a parallel channel pattern, Now, in theory, this rising channel is actually a bearish continuation pattern whose most common outcome is the breakdown of the rising support trendline. However, the coin price recently gave a bullish breakout from the pattern’s resistance trendline and undermined the prior bearish theory. This bullish breakout hints at a potential bullish rally in the near future.

Key Points:

  • The $5.93 breakout sets Apecoin price on a 22% rise.
  • The rising 20-day EMA could provide dynamic support to the Apecoin price.
  • The intraday trading volume in Apecoin is $173. Million, indicating a 26% gain

Apecoin PriceSource- Tradingview

On January 21st, the Apecoin price gave a high momentum breakout from the long-coming trendline of a rising parallel channel pattern. Now, a bullish breakout from a famous bearish continuation pattern projects a strong commitment from buyers to lead a prolonged recovery.

This breached trendline should offer buyers a suitable launchpad to climb to the higher levels and entry opportunities for new traders. However, earlier this week, several higher rejection candles near $6 indicated the sellers are trying to defend this level.

These rejection candles suggested the earlier breakout was a bull trap, and the prices should witness a minor correction. Having said that, on January 25th, the daily chart showed a massive bullish engulfing candle, which offset the threats of the rejection candle by closing above the $5.93 local resistance.

Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023

As of press time, the Apecoim price is trading at $6.28 and has registered a 15% gain in the last three days. Thus, with sustained buying, the coin price could rise another 22% and hit the $7.64 ceiling.

Anyhow, the traders looking for an entry opportunity can consider buying if the price revisits the breached trendline or $5.93 mark.

technical indicators

RSI: The daily RSI slope Approaching the oversold region indicates aggressive buying in the market.

EMA’s: the 20-50-and-100-day EMA change their direction to upward accentuates a sustained recovery phase for Apecoin holders.

Apecoin Intraday Price Levels

  • Spot Price: $6.22
  • Trend: Bullish
  • Volatility: Medium
  • Resistance level- $7 and $7.6
  • Support levels- $5.93 and $4.2

The post Resumed Recovery In Apecoin price Aims 22% Upswing; Enter Now? appeared first on CoinGape,

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending