Apecoin’s recent growth leads to a bullish breakout from a long-term resistance trendline. This breakout could offer significant footing for buyers to lead a recovery rally with growth potential to surpass $5.1. Thus, the sideline buyers could be looking for an entry opportunity if the prices show sustainability above the $4.2 mark.
- The 20-and-50 EMAs closing a bullish crossover may attract more buying orders in the market
- The daily RSI reached a 3-months high of 60%, indicating improving market sentiment
- The intraday trading volume in Apecoin is $360 Million, indicating a 102% gain
Why is Apecoin rising?
The Apecoin price is on a three-day winning streak, registering a 13.2% rise. The recent growth could be backed by the increasing staking activity in the market, as the on-chain data provider Nansen also highlighted in a tweet.
The tweet accentuates that the 57.5 Million APE had been staked, i.e., worth $247 Million, out of which 21%(12.2M $APE) is funded by the ApeCoin Foundation.
57.5M $APE (~$247M) has been staked
With 21% (12.2M APE) funded by the ApeCoin Foundation
Other notable stakers incl. Machi Big Brother and dingaling who have staked 903,859 APE and 378,535 APE respectively pic.twitter.com/YGxd7pYKf3
— Nansen 🧭 (@nansen_ai) December 12, 2022
Moreover, Binance, the world’s largest crypto exchange by volume, today announced an Ape NFT Staking program would be launched in their NFT marketplace. This program will start from 2022-12-12 (UTC), and users can stake their Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs on Binance to earn ApeCoin (APE) daily rewards.
One key factor in staking is that it reduces the available supply in the market, which bolsters growth in market value.
For nearly seven months, the Apecoin price was falling under the influence of a descending trendline. The coin chart showed several reversals from this resistance, indicating that sellers actively sell on rallies.
However, amid the late November recovery, this altcoin rebounded from the $2.88 support and re-challenged the overhead trendline. Though the prices went sides for the last few days because of the current uncertainty in the market, on December 12th, the APE price breached the long-coming trendline.
Today, the coin price trades a $4.33 with an intraday gain of 0.93%. Currently, the prices are in the retest phase and trying to sustain above the breached resistance. If this altcoin show sustainability above the trendline, it will suggest the market sentiment is flipped from selling on rallies to buying on dips.
The post-retest could surge Apecoin price by 18.5% to hit a near-term target of $5.14. However, if the market sentiment favors this technical setup could lead prices to a $9 mark.
Relative Strength Index: in simple, the RSI indicator reflects the strength of current price movement. For Apecoin’s recent price, the RSI slope jumped above the neutral line, indicating the rising bullish sentiment.
EMAs: the 100-day EMA acts as a dynamic resistance against Apecoin price, trying to offset the breakout opportunity.
Apecoin intraday price levels
- Spot price: $4.2
- Trend: Bullish
- Volatility: Medium
- Resistance level- $5.1 and $6
- Support level- $4.2 and $3.8
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.