The metaverse sector saw a small recovery in the last two months rally across the crypto industry. However, Apecoin increased well as it registered almost 100% gains during the period with a current market cap of $645 million.
In the recent bullish rally, which has temporarily paused for almost a week, Ape tapped the $1.88 level and rejected the price with an inverted hammer.
While the trend is still looking bullish on the daily chart, the price pulled back briefly as the bears looked for a key level to initiate a drop. However, the bulls defended well and stepped back in action.
Looking at the setup over the past months, Apecoin is due for a correction from a technical standpoint. If the trading volume drops, we can expect a correction to occur. But as it stands now, the bulls seem to be showing more commitment.
On the hourly chart, the trend shifted a bit to the downside in the last two days, but the buyers quickly countered the move. A drop below the $1.5 level would confirm a sell-off from a short-term perspective. If the crypto continues to show signs of strength, we can expect a bullish continuation on the daily chart.
Last week’s high remains a crucial level to watch for more upside movement. Failure to overcome it may result in suspense until the price breaks through.
APE’s Key Levels To Watch
Source: TradingView
The immediate resistance level to watch right now is $1.88 – last week’s high – followed by $1.96 and $2.13 (August high). A surge about it could flip the price to $2.5 in the future.
In case of a drop, the key support level to watch for a crackdown is $1.65. There are multiple supports on the way down, but the key levels to keep in mind are $1.515 and $1.4.
Key Resistance Levels: $1.88, $1.96, $2.13
Key Support Levels: $1.65, $1.515, $1.4
- Spot Price: $1.75
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
