APE Price Prediction: 20-day EMA Carries the APE Price Rally; Buy Now?
The Apecoin(APE) price traversed in a rising wedge pattern after a bullish reversal from the $11 support. On April 28th, an upside breakout from this pattern suggested the buyers are aiming for another leg-up. A retest to the breached trendline gives an entry opportunity to interested buyers.
Key points:
- Post retest rally of wedge pattern breakout gives the first target of 23%
- The 20-day EMA gives dynamics support to APE price
- The intraday trading volume in Apecoin is $7.5 Billion indicating a 317% gain.
Source- Tradingview
The Apecoin(APE) witnesses a parabolic rally with some occasional pullback opportunities to 20-day EMA. Concerning the April low of around $10.5, the bull run accounted for 150% growth and marked the record high of $27.5.
This sharp recovery in Apecoin was bounded by several favorable activities like the upcoming metaverse called ‘Otherside,’ accumulation by whales, and increasing popularity around crypto space.
On April 28th, the growing bullish momentum gave an upside breakout from the rising wedge pattern. Furthermore, the breakout rally hit the $27.5 high and reverted immediately to retest the breached resistance.
If buyers sustain through this retest phase, the altcoin will soar 23% high to rechallenge the $27.5 resistance. The 300% spike in volume activity accentuates the trader’s interest and a better possibility for a bullish breakout.
However, the long-tail rejection attached to the April 28th daily candle suggests intense selling activity, which could interrupt the potential bull rally.
Technical Indicator
Relative strength index: The recent pullback has stabilized the aggressive buying and plunged the RSI value to 59%. Furthermore, the RSI slope rising with price action suggests uptrend continuation.
EMAs– The crucial EMAs (20, 50, 100) rise as part of a bullish sequence, indicating a strong uptrend. Moreover, the 20-day EMA provides constant support provides a dynamic neckline for any deeper correction.
- Resistance levels: $24 and $27.5
- Support levels: $20 and $17.6
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
