Published 17 hours ago
The Apecoin (APE) price has inflated by 50% over the last week to reclaim dominance over the $6 mark. Furthermore, the demand continues to increase, projecting a potential price jump above the $7 resistance level. Should you consider buying into this reversal rally, or is it just traders giving into FOMO?
Key points:
- The APE market price has gained 50% since last week
- The coin buyers reclaim the $6 mark.
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
Source- Tradingview
After maintaining a downtrend in summer, APE prices reached the bottom at $3.27 in June. However, this is when the buyers regain trend control and start a bullish reversal accounting for a price jump of 100% in the last month.
The increase in buying pressure was evident in the trading volume, which took a positive turnaround in comparison to the correction phase. Moreover, the bullish reversal beats the 50-day SMA and surpasses the $6.15 resistance level.
Currently, the APE/USDT daily candle showcases a 4.44% bullish growth projecting a high likelihood of an uptrend continuation to the psychological mark of $7.
Hence if the buying pressure continues, we can see a price jump of 10% this week. Additionally, a more optimistic point of view projects the possibility of a 16% price jump to the $7.35 resistance level.
Alternatively, if APE price fail to sustain above the $6.15 support level, the traders may witness to retest the $6 support level with a 10% price drop.
Technical Indicator
Super Indicator: The indicator illuminating a green shade accentuates the buyer’s reign.
DMI indicator: The DI lines showcase a remarkable increase in the bullish trend as the ADX line takes a bullish turnaround reflecting an increase in trend momentum.
RSI indicator: The RSI slope displays a phenomenal increase in the underlying bullishness as the slope enters the overbought zone after a sharp reversal from the halfway line.
- Resistance levels: $5.28 and $6
- Support levels: $4.2 and $3.1s
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.
Source: https://coingape.com/markets/ape-price-analysis-will-this-bullish-journey-cross-the-7-mark/