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
![](https://nulltx.com/wp-content/uploads/2024/02/vibGRRto-1024x581.png)
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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