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The Apecoin (APE) price ongoing recovery aims for another resistance breakout as its tag is $7.5 resistance. However, the combined resistance of 100-day EMA and the $7.5 level keeps the selling pressure intact. Can the replenished bullish momentum undermine the overhead supply pressure to trigger a bullish breakout?
Key points:
- The APE chart reflects a rounding bottom recovery
- The lateral shift in the ADX slope reflects indecisiveness among market participants.
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
Source- Tradingview
From Mid-June-to-July, the APE/USDT pair resonated in a cup and handle pattern with its neckline resistance at $5.5. Thus, on July 18th, the coin price gave a massive breakout from this resistance, reflecting an early sign of trend reversal.
The post-retest rally surged the APE price 32.5% higher, hitting the $7.35-$7.5 resistance. However, this price recovery amid the recent sell-off in the crypto market showcased multiple higher price rejection candles, indicating intense supply pressure from above.
Today, the APE price registers a 10.83% price jump, rechallenging the overhead resistance. A bullish breakout from $7.5 and the 100-day EMA level would flip this resistance into viable support to carry the further recovery.
The potential upswing would drive the coin price 25% higher, hitting the $9.3 resistance.
On a contrary note, if APE buyers fail to push a daily candlestick closing above the $7.5 mark, the price may undergo a retracement phase, threatening a breakdown from $5.5 support.
Technical Indicator
MACD indicator: the fast and slow line moving higher in bullish territory indicates the market sentiment is bullish. However, a narrow distance between these slopes suggests the buyers barely manage the ongoing rally.
RSI indicator: the 100-day EMA aligned with $7.5 marks adds additional barriers for buyers to overcome. Moreover, a breakdown of the 20-day dynamic support will give a better confirmation for a price correction.
- Resistance levels: $5.1 and $5.6
- Support levels: $4.74 and $4.3
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