Published 45 mins ago
Over the past two months, the Apecoin price rose while resonating between two trendlines, indicating the formation of a parallel channel pattern. Now, in theory, this rising channel is actually a bearish continuation pattern whose most common outcome is the breakdown of the rising support trendline. However, the coin price recently gave a bullish breakout from the pattern’s resistance trendline and undermined the prior bearish theory. This bullish breakout hints at a potential bullish rally in the near future.
Key points:
The $5.93 breakout sets Apecoin price on a 22% rise
The rising 20-day EMA could provide dynamic support to the Apecoin price
The intraday trading volume in Apecoin is $173. Million, indicating a 26% gain
Source- Tradingview
On January 21st, the Apecoin price gave a high momentum breakout from the long-coming trendline of a rising parallel channel pattern. Now, a bullish breakout from a famous bearish continuation pattern projects a strong commitment from buyers to lead a prolonged recovery.
This breached trendline should offer buyers a suitable launchpad to climb to the higher levels and entry opportunities for new traders. However, earlier this week, several higher rejection candles near $6 indicated the sellers are trying to defend this level.
These rejection candles suggested the earlier breakout was a bull trap, and the prices should witness a minor correction. Having said that, on January 25th, the daily chart showed a massive bullish engulfing candle, which offset the threats of the rejection candle by closing above the $5.93 local resistance.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
By the press time, the Apecoim price traded at $6.28 and registered a 15% gain in the last three days. Thus, with sustained buying, the coin price could rise another 22% and hit the $7.64 ceiling.
Anyhow, the traders looking for an entry opportunity can consider buying if the price revisits the breached trendline or $5.93 mark.
Technical Indicator
RSI: The daily RSI slope approaching the oversold region indicates aggressive buying in the market.
EMAs: the 20-50-and-100-day EMA change their direction to upward accentuates a sustained recovery phase for Apecoin holders.
Apecoin Intraday Price Levels
Spot price: $6.22
Trend: Bullish
Volatility: Medium
Resistance level- $7 and $7.6
Support level- $5.93 and $4.2
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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