The post-correction rally has surged the Apecoin(APE) price by 25%, bringing it to $17 resistance. The buyers attempt to breach the overhead resistance; however, a negative divergence in the RSI chart undermines the bullish momentum.
Key points:
- A possible breakout could surge the APE coin by another 8%
- The Daily-RSI chart displays an evident bearish divergence
- The intraday trading volume in Apecoin is $1.95 Billion indicating an 80% gain.
Source- APE/USD chart by Tradingview
On April 20th, the Apecoin witnessed a massive pump amid the announcement of an upcoming metaverse called Otherside. The coin registered a 24.6% intraday gain and tagged the $17 mark.
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However, the APE chart displays multiple higher price rejection candles at that resistance, suggesting the buyers were exhausted from the sudden rise. The sellers eventually pull the price lower, offering a minor correction phase.
The pullback discounted the Ape price by 18% and plunged to the $13.8 support. However, with the rising popularity of Apecoin among whales, the coin price rebounded from this support and reached the $17 mark again.
With an 80% pump in trading volume, the APE buyers attempted a bullish breakout from 17%. If they succeed, the coin price will surge to the $18 mark, followed by a $20 psychological level.
Technical Indicator
Relative Strength Index- The RSI slope barely escaped from falling into the bearish territory and reverted immediately. The indicator shows a relatively short rally which reflects a bearish divergence concerning the April 20th peak.
This divergence suggests the APE/USDT pair may wetness another correction.
EMAs- The crucial EMAs(20, 50, 100) rise under a bullish sequence, indicating a strong bull trend. These EMAs could provide strong support during the occasional pullbacks.
- Resistance levels: $17 and $18
- Support levels: $11.5 and $10.5
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