Apecoin Price Analysis: Can Fast-recovering APE Price Reclaim $6 Mark?

The Apecoin (APE) price is rising for the third consecutive day, initiated when Yuga Labs opened Otherside for the First Trip tech demo and presented the technical capabilities of the metaverse platform. Moreover, the coin price witnessed a massive pump today and breached the $6 resistance level to extend the ongoing recovery.

Key points: 

• The APE market price has gained 24% since last week
• The coin buyers reclaim the 50 EMA slope of the daily time frame chart
• The intraday trading volume in Apecoin is $828.8 Million, indicating a 115.36% gain.

 Source- Tradingview

On June 18th, the APE/USDT pair rebounded from the bottom support of the $3.11 mark. The resulting V-shaped recovery surged 66% and hit the $5.28 mark.

However, while the crypto market is struggling with uncertainty, the APE buyers failed to breach the $5.28, triggering a bearish pullback. The minor correction retests the breached resistance of $4.2 and validates it as legitimate support.

Today, the APE price jumped 21% and rechallenged the $6 supply zone with a significant pump in volume. However, the traders need a candle closing above the resistance to acquire a genuine breakout.

Voyagers, we’re excited for the First Trip tech demo this Saturday, 7/16 at noon ET. As the name implies, this demo is designed to show off the technical capabilities of the Otherside platform. Here’s a peek at what you can expect during the event:🧵

— OthersideMeta (@OthersideMeta) July 12, 2022

If it happens, the Ape buyers will obtain another stable footing to climb higher in the price chart. As a result, the potential rally may rise 25% higher to reach the $7.4 mark.

Alternatively, a possible reversal from $6 resistance would trigger a minor pullback, possibly retesting $5.28 or $4.2.

 Technical Indicator

OBV indicator: The OBV slope started to lean upwards, indicating growth in underlying bullishness. This divergence hints the APE price should eventually exceed the overhead resistance.

RSI indicator: with this week’s price jump, the coin buyers breached the potential resistance, 20-and-50-day EMA. Furthermore, these reclaimed EMAs could provide viable support during an occasional pullback.

MACD indicator: the fast and slow line prevents a bearish crossover despite a recent pullback in price action. Moreover, these slopes are nearing a crossover above the neutral line, providing additional confirmation for buyers.

• Resistance levels: $5.28 and $6
• Support levels: $4.2 and $3.11