After doubling its price in two months, Apecoin retraced briefly this month and found support above the $1.5 level. It slowly bounces back with a formed double-bottom pattern on the daily chart.
On the daily chart, Ape’s price has been going through a serious accumulation phase since the price bounced back above $1 some months back.
Although, it appeared to have seen some recovery over the past few months, but is not significant enough compared to what is expected in the long term. From the look of things, a bigger price movement is underway.
Earlier today, it initiated a strong buy and pushed above the $1.75 due to a fresh surge in volatility. Trading volume inflow is now increasing fast on the hourly chart. As we can see on the daily chart, the current candle formation is looking strong.
Another thing to pay attention to is the established double-bottom formation above the $1.5 level on the daily chart. This bullish formation could sprout a massive explosion if the price increases above the current monthly high.
However, if a crackdown occurs due to high volume outflow, we can expect the price to plunge until it finds a solid rebound level. But with the ongoing calmness in Bitcoin’s price, we can expect more capital flow into the lower-cap altcoins like Ape.
APE’s Key Levels To Watch
In the meantime, APE need to reclaim the rejected resistance level of $1.88. Once that resistance is conquered, the next buying target to keep in mind is $1.96 and $2.13 on the daily outlook. The higher resistance to watch is $2.5
For a crackdown, there’s an immediate support at $1.65. If the price passes through, the next support levels to consider are $1.515 and $1.30 in the short term.
Key Resistance Levels: $1.88, $1.96, $2.13
Key Support Levels: $1.65, $1.515, $1.30
- Spot Price: $1.79
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: inueng/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/apecoin-price-analysis-prediction-december-26-ape-surges-5-today-amid-latest-recovery/