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Cryptocurrency News Articles
ApeCoin (APE) Bulls Reclaim Key Levels and That Means…
Sep 21, 2024 at 02:04 pm
ApeCoin (APE) has shown signs of recovery, recently breaking out of a descending channel pattern on its daily chart, sparking hopes for a bul
ApeCoin bulls eye a key breakout, but resistance at current levels could slow momentum. Can buyers expect a breakout rally?
ApeCoin (APE) price recently showed signs of recovery after a bullish breakout from a down-channel pattern. After consolidating around the $0.54 support, APE saw the much-needed push above the 20-day and 50-day EMAs.
However, the breakout pushed the price above both the 20-day EMA and the 50-day EMA, suggesting renewed buying interest. It’s worth noting that the relative strength index (RSI) has reached higher highs over the past two months, while the price action’s highs have remained flat. If this divergence plays out, APE could face a temporary downtrend. The altcoin could witness a pullback to retest the EMAs around $0.73.
On the other hand, the critical resistance zone near $0.87 posed some challenges for bulls. A decisive break above this zone could open a path toward the 200-day EMA, which stood near $1.04 at press time.
This uptick indicated that traders were positioning themselves for potential volatility, likely expecting further price action either toward or away from the $0.87 mark.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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