NewsletterApecoin Price Shows A Potential 6% Rise, But There’s A Catch
A pair of new higher high and higher low formations in Apecoin’s daily time frame chart create a sense of steady recovery in this coin. Moreover, the rising prices resonating between two parallel trend lines hint at a parallel channel pattern forming. Here’s how this chart pattern may influence the future price of Apecoin price.
Key points:
- A parallel channel pattern is currently carrying the ongoing recovery in Apecoin price.
- The $5.26 is a highly concentrated resistance zone for coin holder
- The intraday trading volume in Apecoin is $173. Million, indicating a 26% gain
Source- Tradingview
Amid the recent recovery in the crypto market, the APE price has recently formed a local top at $5.26 resistance. However, this level, accompanied by other technical resistances such as the 200-day EMA and the parallel channel patterns trendline, creates a high supply zone.
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In theory, the rising parallel channel pattern is a famous bearish continuation pattern. Though this pattern carries a steady, the chances are higher that loss of bullish momentum will break the lower trendline. Thus, a bearish breakdown from the support trendline will intensify the selling pressure and resume the prevailing downtrend.
Having said that, the coin buyers could enjoy the ongoing police trend until the channel pattern is intact. By the press time, the Apecoin price trades at $5 and is 11.% up in the last two days.
With sustained buying, the coin price will rise another 5% to revisit the dollar 5.2 resistance mentioned above. Traders should be cautious at this level as it holds the power to undermine the bullish momentum.
Technical Indicator
Vortex indicator: the reduced gap between the VI+(Blue) and VI-(Red) slope indicates a loss of bullishness momentum. However, a bearish crossover between these slopes is prevented, indicating the buyer still has the upper hand.
EMAs: the 20-50-and-100-day EMA wavering around the $4.4 to $4.2 mark creates a strong support zone.
Apecoin Intraday Price Levels
- Spot price: $4.93
- Trend: Bullish
- Volatility: low
- Resistance level- $5.2 and $6
- Support level- $4.4 and $4.2
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