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A bullish breakout from a six-week-old resistance trendline initiated a recovery course for the APE price. As a result, the post-retest rally surged the altcoin by 35% as it challenged another resistance of $5.3; should you enter?
Key points:
- The APE market price has appreciated 35% in the last five days.
- The 20 EMA acts as a dynamics support trendline
- The intraday trading volume in Apecoin is $497.3 Million, indicating a 38.5% gain.
Source- Tradingview
Since mid-May, the APE/USDT pair showcased a steady downfall responding to a descending trendline. Following the resistance trendline, altcoin reached a low of $3.09 on June 15th. However, amid improving market sentiment, the coin price showed sustainability above the new support.
Thus, the buyers managed to propel the APE price to 53.7% higher, which breached the dynamic resistance trendline on June 20th. Furthermore, the minor retest got a foothold at the flipped support trendline, suggesting the market sentiment has switched from sell-on-rallies to buy-on-dips.
The sustained buying drove the APE price above the $4.8 level and, just today, the $5.33 resistance. If the buyers give a candle closing above this resistance, the accelerated buying could price to the $6 psychological level.
On a contrary note, if the sellers undermine the bullish recovery and sustain the APE price $5.33 mark, the traders can expect a minor pullback.
Technical Indicator
EMAs: the 200 EMA wavering around the $5.5 mark stalls the recovery rally from breaching the $5.3 resistance. However, the buyers have reclaimed the other crucial EMAs(20, 50, and 100), which could provide a significant foothold for occasional pullbacks.
RSI indicator: Despite a trending price action, the daily-RSI walking a lateral path suggests bullish momentum is wearing off. Thus, this bearish divergence may encourage a bearish pullback.
- Resistance levels: $6 and $6.5
- Support levels: $5.33 and $4.8
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