By Nathan Ferguson
The declining channel breakout triggered new recoveries for ApeCoin prince. While publishing this content, the alt trades at $11.33, surging 1.09% over the previous day. APE approaches the resistance zone around $12.6, readying for bullish breakouts.
Vital Points
- APE saw its price rebounding from the support of $10.58 with a bullish engulfing candlestick.
- The 20- and 50- Exponential Moving Average resistance overturned to dependable support.
- ApeCoin’s intraday trading volume stood at $978.65 Million, reflecting a 36% decline.
APE saw gradual drops over the past two weeks. That came as the alt reacted to a declining channel formation. Such movements saw ApeCoin devaluing by 31.5%, plummeting towards the $10.6 level. However, the alternative token bounced off from the bottom foothold on 9 April. That resulted in an optimistic breakout from the channel pattern’s descending trend line. The post-retest surge overcame the shared resistance by 50 Exponential Moving Average, triggering an 8.56% surge.
The increasing bullish strength might drive ApeCoin beyond the next resistances at $12.6, then $13.7, before the token hits the ATH resistance near $15.5.
Nevertheless, long-term investors might witness occasional pullback amid the bullish run. Such developments would translate to an accumulation opportunity for profit maximization.
For now, ApeCoin rides upside waves, surging more than 2% within the past 24 hours. The optimistic narrative emerged after a bullish engulfing candlestick accompanied the bounce off the support barrier at $10.58.
Analysts believe APE would extend its upside towards the $15.4 mark. Meanwhile, buyers should step up to support upside price moves. Also, ApeCoin will rely on the broad market for upcoming price trends. While writing these lines, the global crypto market cap stood at $1.95 trillion, losing 1.6% over the past day. Extending such an outlook may ruin APE’s upside party.
APE Technical indicators
- Exponential Moving Averages
Early recovery rallies saw APE breaching the dynamic resistance zones (20- and 50-Exponential Moving Average). Moreover, the alt flipped the levels into dependable support floors.
- Moving Average Convergence Divergence
The signal lines and Moving Average Convergence Divergence display a swift uptick towards the neutral line after a bullish cross. The widespread region between the two shows massive bullish strength.
Resistance zones – $12.6, $13.7
Support zones – $11.5, $10.5