APE price continues to extend gains after moving beyond the crucial support near $12.90 on April 20. The price found reliable support around the stated level. The bullish formation on the daily chart suggests the continuation of the trend.
- APE price gains for the fourth straight session as the fresh trading week begins.
- Investors can expect record highs above $18.0 amid sustained buying momentum.
- However, a breakdown of the $16.0 support level would invalidate the bullish theory.
As of writing, APE/USD is trading at $17.84, up 3.84% for the day. The 24-hour trading volume of the cryptocurrency is holding at $1,821,410,366 as updated by the CoinMarketCap.
APE price continues to move north
On the daily chart, the APE price surged 66% after testing the swing lows at $10.92 on April 18. The price has shown a considerable gain in its buying pressure since it retraced from the recent highs of $18.20. The current upswing pushed APE price toward a confluence zone, which if broken could result in fresh gains in the asset.
Now, the price consolidates near the weekly resistance playing around $17.80, a sustained buying momentum could push the price higher to recapture the highs on April 23 at $18.32.
An acceptance above the mentioned level would bring $20.0 on the board.
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On the flip side, a break below the session’s low would invalidate the bullish arguments for the price. In this scenario, the sellers would drag APE to the lows of April 23 at $15.17.
In addition to that, a continuation of the upside pressure would open the gates for $14.0.
Technical indicators:
RSI: The relative strength index traded above the average line since April 18. Currently, it reads at 68.
OBV: The on-balance volume indicator suggests the demand side increase in the price.
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