Apecoin continues to recover higher amid the calmness in the crypto market over the past few days. The momentum seemed to have reached an exhaustion point, but the bulls had not given up yet.
The past few days of recovery have been impressive for Apecoin following a huge gain in four weeks. This positive movement saw the price to a critical resistance before it surpassed it.
As shown on the price chart, the price broke out of the descending channel yesterday, with a daily candle close at $4.3. The breakout is still insignificant due to rejections, which could lead to a fake-out if the bulls lose control. A strong bearish action could still be underway.
It has held support at $3.8 with a double-bottom on the 4-hour time frame. If the channel’s resistance acts as a retest point, we can expect the market to advance significantly higher to keep the market the bulls on track.
APE is the best-performing cryptocurrency on the Metaverse, with a $1.55 billion market cap. The price is up by 6.7% in the past week, according to CoinMarketCap data.
APE Price Analysis (APEUSDT): Daily Chart
Considering the past weeks of increase, it looks bullish from a short-term perspective, but the long bearish trajectory remains valid.
If APE continues to gain momentum in the coming days, the price will likely reach the $4.73 resistance level. The vital resistance level to watch after that is $5.25. A pullback is expected to occur from here. If it fails, the next buy target would be $6.
On the other hand, if the price drops below the $3.8 support, leading to a fake-out, the following levels to consider as supports are $3.52 and $3.1. The $2.62 support is the last defense level for the bears. If it breaks, $2 will be the next selling target.
Key Resistance Levels: $4.2, $4.73, $5.25
Key Support Levels: $3.52, $3.1, $2.62
Spot Price: $4.3
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
- @ December 12, 2022 11:12 am