Channel Breakout Sets APE Rally To Hit $15.4

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

About Author

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com