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The APE/USDT technical chart shows the formation of a cup and handle pattern in the 4-hour time frame chart. Amid improving market sentiment, coin buyers offered a decisive breakout from the pattern’s neckline resistance of $5. Completing the reversal pattern, the coin price shows a 21% growth opportunity.
Key points:
- The post-rest rally of the cup and handle pattern breakout could pump the APE price to the $6 mark.
- The 50 EMA slope flipped to a viable support level.
- The intraday trading volume in Apecoin is $483.5 Million, indicating a 121.2% gain.
Source- Tradingview
Responding to the global market sell-off in May, APE prices took a nosedive, generating a highly bearish resistance trendline. The selling spree took the market value to a low of $3, more than 50% lower than the listing price on Coinbase of $8.15.
However, the APE price trend turns bullish with a cup and handle pattern with the neckline near the $5 supply zone. The rising price gives the bullish breakout of the reversal pattern and goes against the 200-Day EMA.
Considering the opposing EMA drives the APE prices back to retest the broken supply zone, buyers can find a high reward entry point. Thus, the bulls can expect the breakout rally to reach overhead resistance at the $6 mark or even the $7.40 mark if the bullish momentum sustains.
Conversely, the sellers can expect the retest failure rally to cross under the $5 mark, potentially reaching $4.
Technical Indicator
EMAs: the 50 EMA has acted as a dynamic resistance since mid-April; until recently, the buyers breached it on July 19th. This flipped support should bolster APE prices to complete the bullish reversal pattern.
MACD indicator: the MACD and signal line rising with a significant spread between them, indicating growth in bullish momentum.
- Resistance levels: $6 and $6.5
- Support levels: $4.8 and $4
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