Market Analysis

APECOIN PRICE ANALYSIS & PREDICTION (February 16) – APE Builds Up For A Fresh Surge As Crypto Market Bounces Back

After ending last month with a notable gain, Apecoin APE pushed higher this month and saw another impressive 15% increase in the past week. The price looks strong as it forms a new bullish pattern weekly.

Ape went through serious reductions in January and almost revisited its local bottom. However, it found support above $1.2 and sharply bounced back. 

It ended that month a bit strong and initiated a pullback earlier this month. The crypto found support again and bounced back last week. The price increased steadily and reached its highest monthly this morning. 

Similarly, it is footing a fresh bullish move on the daily chart. The intraday trading appears strong. Looking at the price actions on the higher timeframe, Ape is slowly forming a double-bottom pattern.

This bullish pattern is not yet confirmed. But from the look of things, we can expect a strong rally near $1.9 – where its neckline lies – in the next couple of days before breaking out to confirm bullish continuation. 

Currently, the bears are off the market. If they show up with an interception, it may pull back a little before resuming positive actions. A broader pullback to the recent recovery level could trigger another leg down. But as it stands now, the market is in favour of the bulls.

APE Key Levels To Watch

Source: Tradingview

Ape just rejected the $1.59 resistance level a few hours ago. If the buyers continue to regroup, the next resistance level to keep in mind would be $1.76. The $1.88 resistance is a key level to watch for a breakup.

If a pullback occurs, the potential support level to consider for drops would be $1.5 and $1.4. Other support levels for crackdowns are $1.34, $1.24 and $1.15.

Key Resistance Levels: $1.59, $1.76, $1.88

Key Support Levels: $1.34, $1.24, $1.15

  • Spot Price: $1.56
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: aleksandrasova/123RF // Image Effects by Colorcinch

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