The ongoing downfall in Apecoin price hit a minor roadblock as the traders struggled with broader market uncertainty. With buyers using this indecisiveness to their advantage, the Apeprice ended a daily chart pattern on a bullish note intensifying the underlying buying momentum. Given below are such three reasons why Apecoin price is poised for significant growth near future

Apecoin Technical Chart Shows Strong Accumulation Zone

Source- Tradingview

Over the last ten months, the Apecoin price showed two important swing lows near the $3-$2.85 area of interest. Using this support, the coin price previously initiated two massive price rallies in June-July 2022 and November 2022, indicating the buyers are aggressively accumulating at this level.

While the price chart reflects a sideways trend between the $7.8 and the $3 mark, interested traders hold two excellent opportunities to go long. In case, the Apecoin price revisits the bottom support, the buyers can grab a bullish reversal trade if the price shows sustainability about it.

Furthermore, the $7.8 breakout will be a key signal for the resumption of a bullish trend.

Also Read: ApeCoin Might Turn Out To Be 2023’s Biggest Surprise; APE’s Price Poised For Rally?

Bullish Pattern Signal Upcoming Recovery

Source- Tradingview

Amid the increasing uncertainty in the crypto market, the Apecoin price resonated between two converging trendlines for over a month. This short consolidation reflects the formation of a symmetrical triangle pattern in the daily time frame chart.

Though the pattern structure resembles an indecisive sentiment among market participants, a price breakout from either for the trendline outburst or a direction rally. On April 10, a bullish breakout from the pattern’s resistance reflected the buyers winning the tug-of-war which increased the chances of an upcoming bullish rally.

If the coin price sustains above the breached trendline, the APE price could rise 20% to challenge the $5.3 mark. 

On a contrary note, if the APE price turned down from $4.55 local resistance, the bullish thesis will get invalidated.

Bullish Signal From Technical Indicator

Source- Tradingview

Although the Apecoin price has been moving sideways, a closer examination of the weekly RSI slope indicator shows a noticeable upward trend. The Relative Strength Index (RSI) is a widely used tool in technical analysis that measures the strength of an asset’s price movement by comparing its recent gains and losses.

Thus, the RSI slope’s bullish divergence indicates the growing buying pressure around the $3 support zone. This suggests that traders will likely surpass the $7.8 barrier, potentially resulting in a further increase in Apecoin’s market value.

Apecoin Coin Intraday Price Levels.

Spot price: $4.36
Trend- Bullish
Volatility- High
Resistance Levels: $4.5 and $5.3
Support Levels: $3.6 and $3

The post 3 Reasons Why Apecoin Price May Witness Explosive Growth in 2023 appeared first on CoinGape.

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Filed under: News - @ April 12, 2023 1:29 pm