As the global market cap increases this week, Apecoin’s price increases and reach a new milestone in two months. This came after reestablishing support above $0.5, now sets for a strong recovery in the short-term.
After plummeting below its launch price in mid-June, Apecoin advanced bearish and recorded another 50% loss to an all-time low of $0.475 on August 5. It held this low as support and bounced back to $0.8 after three weeks, but unfortunately lost momentum again due to a rejection.
This month, Ape reestablished support above $0.55 after failing to break lower in the last leg down. This led to another bounce and the price rose until it tapped $0.894 yesterday – its highest price level since July 4.
The price has retraced briefly from that high and is now looking for a key bounce level in the lower time frame. The closest support to watch is the $0.8 level that flipped during yesterday’s surge. It may reach the crucial $1 resistance before witnessing a major pullback.
Now, it is showing bullish signs following a double-bottom formation on the daily timeframe. This may lead to a reversal if the bulls continue to commit strongly. Another thing to consider here is the recent rise in the daily volume indicator, which suggests a potential bullish move.
APE’s Key Level To Watch
Source: Tradingview
An increase above yesterday’s high could allow a retest at the crucial $1 resistance – launch price level – before facing rejection. A push above this resistance could allow recovery to $1.2 and $1.37.
Aside from the close support, there’s a key minor level for a pullback at $0.7, followed by the $0.55 support. A drop below last month’s $0.475 low may activate more drawdowns to $0.4.
Key Resistance Levels: $1, $1.2, $1.37
Key Support Levels: $0.7, $0.55, $0.4
- Spot Price: $0.82
- 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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