ApeCoin Price Prediction: APE Price Targets $14.50 As Completes Rounding Bottom Formation

By Rekha chauhan
March 23, 2022 Updated March 26, 2022
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APE price consolidates after the previous session’s sell-off. Furthermore, the price still holds above the crucial $12.0 mark, which hints at the underlying bullish current at the APE price.

  • APE price tests swing highs at $12.88 on Wednesday.
  • On the 4-hour chart, APE forms a bullish rounded bottom pattern signaling more gains toward $14.50.
  • RSI favors the bullish outlook in the coin.

APE price ready to jump

Source: Trading view

APE price for the past four-session is hovering in a range of $12.80 and $11.50 after surging 40% from the lows of $9.25. However, currently, the price is facing some upside resistance near $12.30, a critical support-turned-resistance level. The APE price must trade above the upper boundary of the mentioned trading range to maintain the upside momentum.

A strong buying pressure with good trading volumes will first test the immediate upside target at $13.35 as there is no stoppage in between.

Furthermore, bulls will flex their muscles to test the highs of March 19 at $14.50.

On the contrary, if the price fails to sustain the session’s low then it would meet the downside target placed at $10.58. A spike in sell order might trigger another round of selling toward the horizontal support level at $9.82.

The APE price tested record high at $18.20 on March 18. Since then, the price depreciated nearly 60% to $9.25. The selling intensified as it broke the $12.30 mark. The price formed a ‘rounded bottom’ formation with the recent swing highs of $12.88. A rounded bottom is a bullish reversal pattern, which is formed as the downside pressures comes to exhaustion.

As of press time, APE/USD is trading at $12.82, up 3.32% for the day. The 24-hour trading volume is holding at $982,789,747 as per the CoinMarketCap.

Technical indicators:

RSI: The 4-hour Relative Strength Index falls below the average line with a bearish bias. The current reading is at 54, which indicates profit booking can be expected.

OBV: The On-Balance-Volume consolidates stands near the overbought zone that coincides with the levels last seen on March 18.

MACD: The Moving Average Convergence Divergence is expected to move below the midline as bearish momentum gains.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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