ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

Published on:

  • APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
  • APE could rally more as the price creates more bullish bias by breaking out of a downtrend triangle with eyes set on rallying higher.
  • APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Apecoin (APE) in the past few days has been tremendous, with Bitcoin (BTC) creating a more bullish scenario across the crypto market; this has also propelled the price of Apecoin (APE) from its key support area. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15, with many others, like APE showing great recovery signs. (Data from Binance)

ApeCoin (BTC) Price Analysis On The Weekly Chart

Apecoin (APE) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of APE has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

After its weekly close of above $4.3, the price of APE rallied to a high of $6; the price has faced a minor rejection to break higher to a region of $6-$7; the price struggled to break above this region.

The price of APE has maintained its bullish structure above the $4.3 region, as the price of APE eyes a rally to a region of $6 which could prove to be very key in its price rally to $7. If the price of APE fails to overcome $5-$6, we could see the price drop to $4.5-$4.3

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

Price Analysis Of BTC On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $5 but faced a little rejection to flipping this resistance into support and trending higher to a region of $7.

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

Featured Image From zipmex, Charts From Tradingview 

Source link