ApeCoin Price Analysis & Prediction (Jan 6th) – APE Signals Short-Term Bullish Following a Channel Breakout, Will This Momentum Last?
The latest surge in price has signaled a buy action for Apecoin following over 50% recovery of its value in the past weeks. It has started the week in a bullish mode, and more greens can be expected.
Following a series of lower low and lower high patterns on the daily time frame, Apecoin seemed to have found a bottom after crashing to around the $2.63 price level in late 2022.
It consolidated at this price level for days before recovering to $4.5 last month. It saw rejection and corrected lower to where it established support at $3.33. The price remained indecisive for two weeks and broke out of a five-month channel this week.
The trend is changing in favor of the bulls. And as a result of this, the buyers are pushing strong to tap more highs. Following the latest bullish sentiment from a short-term perspective, the new ascending trend line is now acting as dynamic support for the market.
However, Apecoin still needs to reclaim the last month’s rejection level before we can confirm a bull run. Otherwise, a drop below the dynamic support would trigger a massive sell-off.
By market cap, APE remains the best-performing crypto amongst the metaverse coins. It looks bullish and trades well above $4 at press time.
APE Price Analysis (APEUSDT): Daily Chart
Source: Tradingview
Apecoin faced a slight rejection at the $4.2 resistance level today. If it can close above this level before the end of the day, we can expect te price to advance to $4.5. A clear break above it would confirm a massive buy to $4.73 and $5.1 in no time.
If a retest occurs on the channel, the 3.7 support level is likely to provide a rebound for Apecoin. The support to watch below the trend line is the $3.33 level in case of a dip. There’s also support at $2.85 for a breakdown.
Key Resistance Levels: $4.2, $4.5, $4.73
Key Support Levels: $3.7, $3.33, $2.85
Spot Price: $4.1
Trend: Neutral – 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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Filed under: Bitcoin - @ January 7, 2023 2:00 am