APE price consolidates after the previous session’s massive gains. Furthermore, the price still holds above the crucial $12.0 mark, which hints at the underlying bullish current at the APE price.
- APE price tests swing highs at $12.88 on Wednesday.
- On the 4-hour chart, APE forms a bullish rounded bottom pattern signaling more gains toward $14.50.
- RSI favors the bullish outlook in the coin.
APE price ready to jump
APE price for the past four-session is hovering in a range of $12.80 and $11.50 after surging 40% from the lows of $9.25. However, currently, the price is facing some upside resistance near $12.30, a critical support-turned-resistance level. The APE price must trade above the upper boundary of the mentioned trading range to maintain the upside momentum.
A strong buying pressure with good trading volumes will first test the immediate upside target at $13.35 as there is no stoppage in between.
Furthermore, bulls will flex their muscles to test the highs of March 19 at $14.50.
On the contrary, if the price fails to sustain the session’s low then it would meet the downside target placed at $10.58. A spike in sell order might trigger another round of selling toward the horizontal support level at $9.82.
The APE price tested record high at $18.20 on March 18. Since then, the price depreciated nearly 60% to $9.25. The selling intensified as it broke the $12.30 mark. The price formed a ‘rounded bottom’ formation with the recent swing highs of $12.88. A rounded bottom is a bullish reversal pattern, which is formed as the downside pressures comes to exhaustion.
As of press time, APE/USD is trading at $12.15, down 0.81% for the day. The 24-hour trading volume is holding at $2,594,136,485 as per the CoinMarketCap.
Technical indicators:
RSI: The 4-hour Relative Strength Index reads above the average line with a bullish bias. The current reading is at 60.
OBV: The On-Balance-Volume consolidates below the recent highs that support the upside momentum in the price.
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/apecoin-price-prediction-ape-targets-14-50-as-completes-rounding-bottom-formation/