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.
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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
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