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The Apecoin (APE) price has inflated by 50% over the last week to reclaim dominance over the $6 mark. Furthermore, the demand continues to increase, projecting a potential price jump above the $7 resistance level. Should you consider buying into this reversal rally, or is it just traders giving into FOMO?
Key points:
- The APE market price has gained 50% since last week
- The coin buyers reclaim the $6 mark.
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
Source- Tradingview
After maintaining a downtrend in summer, APE prices reached the bottom at $3.27 in June. However, this is when the buyers regain trend control and start a bullish reversal accounting for a price jump of 100% in the last month.
The increase in buying pressure was evident in the trading volume, which took a positive turnaround in comparison to the correction phase. Moreover, the bullish reversal beats the 50-day SMA and surpasses the $6.15 resistance level.
Currently, the APE/USDT daily candle showcases a 4.44% bullish growth projecting a high likelihood of an uptrend continuation to the psychological mark of $7.
Hence if the buying pressure continues, we can see a price jump of 10% this week. Additionally, a more optimistic point of view projects the possibility of a 16% price jump to the $7.35 resistance level.
Alternatively, if APE price fail to sustain above the $6.15 support level, the traders may witness to retest the $6 support level with a 10% price drop.
Technical Indicator
Super Indicator: The indicator illuminating a green shade accentuates the buyer’s reign.
DMI indicator: The DI lines showcase a remarkable increase in the bullish trend as the ADX line takes a bullish turnaround reflecting an increase in trend momentum.
RSI indicator: The RSI slope displays a phenomenal increase in the underlying bullishness as the slope enters the overbought zone after a sharp reversal from the halfway line.
- Resistance levels: $5.28 and $6
- Support levels: $4.2 and $3.1s
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