- Token has shown bullish actions in previous sessions.
- APE token hits resistance level twice on daily time frame.
APE made a 90-day low of $2.63 on November 14, 2022, and since then, the token has shown indications of recovery, with bulls entering to reverse the trend in their favor. On the daily time frame, the APE token successfully breaks out of the long term trend line.
APE token facing resistance on the daily chart
The bears’ long-term downtrend has ended, with bulls taking the lead and pushing the token’s price higher. According to the daily chart, APE is currently trading at $4.84, up 0.35% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Token is facing strong resistance around $5.14; if the bullish trend continues, token may break over this level in the coming days.
Relative Strength Index: The asset’s RSI curve is currently trading at 74.14, indicating that it is in a strong overbought zone. The bulls’ bullish momentum over the last few days has caused the RSI curve’s value to rise. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. If bulls keep pushing the token price higher, the RSI curve will continue in the overbought zone.
Analyst view & Expectations
Token has shown strong bullish momentum in recent days, holding above the 50 EMA. Investors should wait for the token to break above the resistance level and the 200 EMA before initiating a trade. Intraday traders, on the other hand, have a good opportunity to go long when the token breaks over the resistance level and book profits based on their risk-to-reward ratio.
According to our current ApeCoin price prediction, the value of ApeCoin will fall by -13.82% and hit $ 4.18 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 31. (Fear). Over the previous 30 days, ApeCoin had 19/30 (63%) green days and 10.71% price volatility. According to our ApeCoin forecast, it is now a good time to buy ApeCoin once it breaks and holds above the resistance level.
Technical Levels
Major support: $4.40 & 50 EMA on daily time frame.
Major resistance: $5.14 & 200 EMA on daily time frame.
Conclusion
According to the price action, the token is looking strong, with bulls driving up the price and forming a bullish chart pattern. Investors can buy this token now and add it to their portfolio to increase their returns.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/01/15/apecoin-price-analysis-bulls-are-in-command-of-the-trend-driving-the-tokens-prices-up/