MEXCAPE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
The Apecoin (APE) recovery set-up reveals the formation of a cup and handles pattern. Following this pattern, the coin price should charge onto the overhead resistance of $5.67, aiming for a bullish breakthrough. This breakout should accelerate buying pressure and allow a recovery rally to $7.34
Key points:
- The APE price needs to rise 18% before triggering the bullish reversal pattern.
- The 20 day EMA flipped into a viable support level.
- The intraday trading volume in Apecoin is $293 Million, indicating an 80% gain.
Source-Tradingview
Following a U-shaped recovery in June, the 21% pullback in the APE/USDT pair revealed the shape of a cup and handle pattern. Furthermore, on July 1st, the altcoin rebounded from a flipped support of $4.26, forming the handle support for coin buyers.
The post-pullback rally has surged the APE price by 12%, which currently trades at the $4.8 mark. The sustained buying should continue the bullish rally 18% higher to $5.67 neckline resistance.
In response to this bullish reversal pattern, the APE price should breach this overhead resistance to obtain a directional bias. The $5.67 breakout may propel the coin price 30% higher to the $7.34 mark.
On a contrary note, the coin buyer’s failure to surpass the mentioned resistance would indicate a lack of bullish momentum, which may initiate a range-bound rally within the $5.67 and $3.11 barriers.
Technical Indicator
EMAs: after nearly two months, the coin price breached the dynamic resistance of the 20 day EMA line. This EMA provided significant support along with the $2.4 mark during the recent pullback and should bolster the $5.6 breakout.
Vortex indicator: the ongoing recovery in APE price may prevent a possible bearish crossover between the VI+ and VI- slopes, indicating the bullish momentum persists.
- Resistance levels: $5.67 and $6.47
- Support levels: $4.2 and $3.11
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