APE Price Analysis: Can Renewed Bullish Rally Surpass $10 Mark?

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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

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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

APE/USDT ChartSource- 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.

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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

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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.

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