Channel Breakout Sets APE Rally To Hit $15.4

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The falling channel breakout outburst a new recovery rally for Apecoin(APE) price. Currently, the coin price trades at the $11.88 mark, indicating a 12.3% gain from the $10.5 support. The altcoin is approaching the next resistance at $12.6, preparing for a bullish breakout.

Key points: 

  • The APE price rebounded from the $10.58 support with a bullish engulfing candle 
  • The 20 and 50 EMA dynamic resistance switched to a viable support
  • The intraday trading volume in Apecoin is $978.65 Million indicating a 36% loss.

Source- Tradingview

The APE price gradually lowered over the last two weeks, responding to a falling channel pattern. As a result, the altcoin devalued by 31.5% and plunged to the $10.6 mark.

The altcoin rebounded from the bottom support on April 9th and gave a bullish breakout from the descending trendline of the channel pattern. The post-retest rally pierced through the shared resistance of $11.54 and 50 EMA, registering an 8.56% gain.

The rising bullish momentum would drive the APE price above the two following resistance levels, i.e., $12.6 and $13.7, before hitting the All-Time High resistance of $15.5.

However, the long traders may experience occasional pullback during the bull run, which simultaneously provides accumulation opportunities for maximizing gains.

Technical Indicator

EMAs: The early recovery rally has breached the two dynamics resistance levels of 20 and 50 EMA and converted them to suitable support levels.

MACD indicator: The MACD and signal lines present a quick upturn to the neutral line following a bullish crossover. The widespread area between these indicates strong bullish momentum.

  • Resistance levels: $12.6 and $13.7
  • Support levels: $11.5 and $10.5

Disclaimer

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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