NewsletterApecoin Price Attracts 20% Rally If It Sustains This Breakout
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.
Key points:
- 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.
Source- Tradingview
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.
Technical Indicator
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+
- Breaking: Canary Funds Files for First-Ever MOG ETF
- Hawkish Fed President Bostic To Retire In February Amid Push For More Rate Cuts
- Hyperliquid Halts Deposits and Withdrawals Amid POPCAT Liquidation Saga
- Arthur Hayes Issues Advice To ZEC Holders Amid Push For Crypto Privacy
- Market Structure Bill: Senate Ag Committee Targets Early December Markup
- Sui Price Set for a $5 After Launch of USDsui Native Stablecoin
- Ethereum Price Holds Above $3,400: Can Bulls Defend This Key Support?
- After a 108,000% Burn Spike, Will Shiba Inu Price Hit $0.000016 Next?
- Bitcoin Price Eyes Fresh Rally as U.S Government Reopening Sparks Risk-On Mood
- Pi Network Price Eyes Rally to $0.5 as Top Whale Holdings Nears 375M Tokens
- When Will Solana Price Reach $300: Prediction and Analysis
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
