APE Price Analysis: Can Renewed Bullish Rally Surpass $10 Mark?
Fighting off the negative sentiment across the crypto market, the Apecoin(APE) price soared 37.69% on the intraday level. This sudden price released the trapped bullish momentum from the two-weeks old falling wedge pattern. Sustaining this breakout, the APE price could soar 205% high to $24.3
Key points:
- The APE price gives a bullish breakout from a falling wedge pattern
- The APE price is experiencing buying pressure near $38-$36.5 support
- The intraday trading volume in the APE is $2 Billion, indicating a 38% gain
Source- Tradingview
The Apecoin(APE) price maintains a downtrend in the falling wedge pattern after facing the bearish wrath at the $24 level. The degrading market value within the bearish pattern broke below all the crucial EMAs of the 4-hour chart.
The falling prices spiraled out of control and breached the psychological support of $10 and eventually took support at $5. This support recharged the underlying bullish tanks resulting in the bullish breakout of the falling channel.
However, the breakout rally struggles to surpass the $9 mark resulting in higher price rejection and projecting a high possibility of a retest.
If APE buyers manage to fuel the uptrend after a retest, the $9 breakout rally will surpass the psychological barrier of $10 to reach the $13.25 mark.
Alternatively, if sellers remain in charge, a retracement to $5 is inevitable, which on breakout will drive the trend lower to new depths.
Technical indicator
EMAs- The bullish reversal has breached the first line of EMA defense, the slope of the 20 EMA. However, a bearish sequence among the crucial EMAs(20, 50, 100, and 200) reflects an overall downtrend.
Vortex indicator– the VI+ and VI- slope closing in may soon result in a bullish crossover. This buy signal gives an additional confirmation for a pattern breakout.
- Resistance levels- $9.6, and $10.9
- Support levels- $8 and $5.2
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