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 post Resumed Recovery In Apecoin price Aims 22% Upswing; Enter Now? appeared first on CoinGape.
