Apecoin recently suspended its bearish cycle after finding support above a psychological level. It appeared to have found a bottom due to a bullish formation in the past few days. The price is currently up by 1% today.
After dropping slightly below last month’s low, Apecoin found support above the psychological $1 level this month and recovered stylishly on a daily. Meanwhile, the recovery is looking strong on the hourly.
The bullish setup currently looks slow on the daily chart, but it has managed to climb above a significant $1.32 resistance level (now support) in the ongoing recovery. It appears to be building up for a big price movement as it gathers liquidity daily.
As can be seen on the same chart, Ape’s volume indicator has been on the rise since June, revealing a high amount of money inflow in the market. The demand level is rising and as such, we may see a massive rally in the coming months.
Another thing to consider for a bullish indicator is the latest double-bottom pattern formed above the mentioned psychological level on the daily chart. A continuous increase could see the pattern play well for a huge rally.
The bottom line here is that Ape have found bottom on the daily. More positive rallies can be expected if the buyers continue to show strong commitments. While it remains bearish in the long term, the asset is bullish from a short-term perspective.
APE’s Key Levels To Watch
The next area of interest for the bulls lies at the $1.745 resistance level that cracked as support in the last leg down. Above that level lies at $2.11 – August’s resistance level – before pushing higher to $2.55.
Inversely, if the price drops below the $1.32 level, which currently serves as daily support, the drop level would be $1. A crash from there could send the price to the low of $0.7 and $0.5.
Key Resistance Levels: $1.745, $2.11, $2.55
Key Support Levels: $1, $0.7, $0.5
- Spot Price: $1.39
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.