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On November 5th, the Apecoin price gave a bullish breakout from the descending triangle pattern of the daily time frame chart. Furthermore, this breakout indicates a shift in market sentiment from selling on rallies to buying to dip. Today, the altcoin dropped 3% and offers a retest opportunity for interest buyers.
- A six monthly long descending triangle pattern ended on a bullish note
- The post-retest rally could drive the price 20% higher.
- The intraday trading volume in Apecoin is $385.2 Million, indicating a 36% loss.
The recovery in altcoins comes a bit slower in Apecoin as it finally picks up momentum with an 18.64% reversal in the last four days. The bullish reversal comes from the $4.175 support level and reclaims the $5 psychological resistance.
The increasing market price improves the technical standpoint of Apecoin with a resistance trendline breakout thanks to a double-bottom reversal. This trendline also marks a bullish breakout of a long-coming descending triangle.
A substantial volume spike on the November 5th bullish candle indicates the buyers are confident in reclaiming the higher levels. In addition, a low volume retest to the breached trendline hints at a temporary downfall.
If the buyers sustain this above the $5 mark, the post-retest rally should push the prices 20% higher to hit the next support zone at $6.
Moreover, an uptrend continuation will release the trapped momentum, and in response to the bullish pattern set up, the prices may reach the $9.5 mark.
On a bearish note, if the price crash under the $4 level, a retracement to the crucial support level of $4.175 seems inevitable.
RSI indicator: the daily-RSI slope jump above the neutral line accentuates the market sentiment and supports the potential growth for Apecoin.
EMAs: the recent price jump breached the 20-and-50-day EMAs resistance, providing an additional confirmation for the long positional holder. Moreover, these EMAs may act as suitable support to bolster the post-retest rally.
Apecoin price intraday level
- Spot price: $4.96
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $6 and $6.6
- Support levels: $5 and $4.175+
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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.