Published 21 minutes ago
A bullish breakout from the long-term symmetrical triangle pattern resistance trendline presents a recovery opportunity for Apecoin holders. This breakout will release the trapped bullish momentum and free the price of APE from the ongoing consolidation phase.
Key Point:
- In an ideal bullish situation, a symmetrical triangle breakout could push the price of Apecoin to $6.
- The 100-day EMA tipping around the local resistance at $4.2 will try to offset the bullish thesis.
- Apecoin has an intraday trading volume of $104.5. 1 million, representing an 18% increase
sauce- trading view
Over the past four months, Apecoin price has been moving under the influence of a solid resistance trendline and the 100-day EMA. However, over the last two months, we have seen a 47% recovery due to increased market demand, with support trendlines supported on the daily chart.
Hence, the convergent trendline shows the formation of a symmetrical triangular pattern on the daily timeframe chart. Moreover, price action shows that the recent recovery rally has broken above the pattern’s resistance trendline, highlighting a bullish entry spot. However, the opposite trend in daily volumes also warns of failure.
Also read: Explained: What are physical NFTs? How to sell physical items as NFTs
Today, the coin’s price is trading at $4.18, an intraday gain of 3.3%, resulting in a bullish candle on the daily chart.
The uptrend above the 100-day EMA will reach the overhead resistance at $5.1 once the daily candle closes above the resistance trendline. Therefore, Apecoin price is expected to increase by 23% in the first few months of 2023.
Conversely, if the sell pushes the close below $4.2, the price may resonate further within the triangle pattern, increasing the likelihood of a fallout.
technical indicator
Relative Strength Index: The RSI slope shows bullish growth despite the formation of a lower peak under the influence of the resistance trendline. Hence, leading to a bullish divergence on the daily chart.
it’s not: The 20-day and 50-day EMAs on the daily chart show a bullish crossover. Meanwhile, the market price jumps to challenge his 100-day EMA. Once the bearish impact of the 100-day EMA ends, a sharp rally in market prices is very likely.
Apecoin Intraday Price Levels
- Spot Price: $4.18
- trend: bullish
- Volatility: Low
- Resistance Levels – $4.2 and $4.53
- Support Levels – $3.8 and $3.35
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
close story
