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On July 18th, the Apecoin (APE) price breached the monthly resistance of $5.5 with a long bullish candle and significant volume. However, the following candles with long higher price reject indicate the buyer is exhausted, and the price may need a pullback to replenish the bullish momentum. But will this support hold?
Key points:
- The APE market price has declined 5% in the last two days
- The 20-and-50-day EMA crossover bolsters the continuation of bullish recovery
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
Source- Tradingview
On June 18th, the APE price rebounded from the bottom low support of $3.12. This new recovery rally managed to surpass the $4.18 resistance but couldn’t breach the next supply zone of $5.58-$5.53 for the next three weeks as the crypto market grappled with uncertainty.
However, the tussle between the bulls and bears resolved with a significant rally, where the APE showcased 52% growth within a fortnight. This run-up breached the overhead resistance of $5.58, indicating the buyers were aiming for another leg up. Furthermore, the coin price marks a record high of $6.9 which may form the local top.
Furthermore, the post-retest rally accompanied by long-wick rejection and decreasing volume activity indicates a losing bullish momentum.
If the selling pressure persists, a minor retracement is plausible, which may plunge the APE price by 12-15% to retest the $5.33 support.
However, the post-correction recovery should lead the altcoin 40% higher from the $5.33 support, hitting the overhead supply zone of $7.3.
Technical Indicator
RSI indicator: The RSI slope drops lower despite a rising price action indicating growth in underlying bearishness. In addition, this divergence supports the expected pullback theory.
EMAs: the ongoing recovery has reclaimed the 20-and-50-day EMA, offering early signs of trend reversal. Moreover, these slopes are approaching a bullish crossover near $5.5, indicating a better possibility of a bullish reversal.
- Resistance levels: $7.5 and $9.55
- Support levels: $$5.58-$5.53 and $4.18
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