Published 31 mins ago
The Apecoin (APE) price ongoing recovery aims for another resistance breakout as its tag is $7.5 resistance. However, the combined resistance of 100-day EMA and the $7.5 level keeps the selling pressure intact. Can the replenished bullish momentum undermine the overhead supply pressure to trigger a bullish breakout?
- The APE chart reflects a rounding bottom recovery
- The lateral shift in the ADX slope reflects indecisiveness among market participants.
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
From Mid-June-to-July, the APE/USDT pair resonated in a cup and handle pattern with its neckline resistance at $5.5. Thus, on July 18th, the coin price gave a massive breakout from this resistance, reflecting an early sign of trend reversal.
The post-retest rally surged the APE price 32.5% higher, hitting the $7.35-$7.5 resistance. However, this price recovery amid the recent sell-off in the crypto market showcased multiple higher price rejection candles, indicating intense supply pressure from above.
Today, the APE price registers a 10.83% price jump, rechallenging the overhead resistance. A bullish breakout from $7.5 and the 100-day EMA level would flip this resistance into viable support to carry the further recovery.
The potential upswing would drive the coin price 25% higher, hitting the $9.3 resistance.
On a contrary note, if APE buyers fail to push a daily candlestick closing above the $7.5 mark, the price may undergo a retracement phase, threatening a breakdown from $5.5 support.
MACD indicator: the fast and slow line moving higher in bullish territory indicates the market sentiment is bullish. However, a narrow distance between these slopes suggests the buyers barely manage the ongoing rally.
RSI indicator: the 100-day EMA aligned with $7.5 marks adds additional barriers for buyers to overcome. Moreover, a breakdown of the 20-day dynamic support will give a better confirmation for a price correction.
- Resistance levels: $5.1 and $5.6
- Support levels: $4.74 and $4.3
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.