On April 10th, the Apecoin(APE) price gave a massive breakout from the falling channel pattern, suggesting the end of its correction rally. Furthermore, the coin price turned down from the $12.3 resistance to retest this breached resistance. The renewed buying momentum spiked the altcoin by 9.89% to its current value at $11.6.
Key points:
- The APE price breached the $11.56 resistance
- The 20 and 50 SMA are poised for a bullish crossover
- The intraday trading volume in Apecoin is $630.5 Million indicating a 15% loss.
Source- Tradingview
The APE/USDT pair witnessed a significant correction in the past two weeks, which discounted the altcoin by 32%. A falling channel pattern carried this retracement rally and plunged the coin price to $10.6 support.
Responding to the bullish divergence in the RSI indicator, the APE price bounced back from the $10.6 support and breached the resistance trendline of the channel pattern. Furthermore, the breakout rally reached the $12.3 resistance before reverting for a retest.
The descending trendline flipped into viable support and initiated a new recovery rally. The post-rest rally pierced the $11.5 local resistance and registered a 9.89% gain.
If the buyers sustain above this resistance, the coin price will rechallenge the $12.3 resistance to continue the bullish rally.
Technical Indicator
EMAs: The new recovery rally has regained the 20 and 50 SMA, which adds additional support levels for buyers. However, the 100 SMA slope aligned with the $12.3 resistance could interrupt the potential rally.
Vortex indicator: the VI+ and VI- slope widening the gap between them indicate strong buying momentum.
- Resistance levels: $12.3 and $13.7
- Support levels: $11.5 and $10.5
Disclaimer
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.
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Source: https://coingape.com/markets/ape-price-prediction-ape-price-ready-to-rechallenge-12-3-resistance/