APE Price Attempts Weekly Highs Above $18.0

APE price continues to extend gains after moving beyond the crucial support near $12.90 on April 20. The price found reliable support around the stated level. The bullish formation on the daily chart suggests the continuation of the trend.

• APE price gains for the fourth straight session as the fresh trading week begins.
• Investors can expect record highs above $18.0 amid sustained buying momentum.
• However, a breakdown of the $16.0 support level would invalidate the bullish theory.

As of writing, APE/USD is trading at $17.84, up 3.84% for the day. The 24-hour trading volume of the cryptocurrency is holding at $1,821,410,366 as updated by the CoinMarketCap.

APE price continues to move north

On the daily chart, the APE price surged 66% after testing the swing lows at $10.92 on April 18. The price has shown a considerable gain in its buying pressure since it retraced from the recent highs of $18.20. The current upswing pushed APE price toward a confluence zone, which if broken could result in fresh gains in the asset.

Now, the price consolidates near the weekly resistance playing around $17.80, a sustained buying momentum could push the price higher to recapture the highs on April 23 at $18.32.

An acceptance above the mentioned level would bring $20.0 on the board.

On the flip side, a break below the session’s low would invalidate the bullish arguments for the price. In this scenario, the sellers would drag APE to the lows of April 23 at $15.17.

In addition to that, a continuation of the upside pressure would open the gates for $14.0.

Technical indicators:

RSI: The relative strength index traded above the average line since April 18. Currently, it reads at 68.

OBV: The on-balance volume indicator suggests the demand side increase in the price.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.