Published 18 hours ago
Since last month, the APE / USDT pair has dropped 67% and marked a new low of $ 3.13. This downfall respects a descending trendline which provides a dynamic resistance to coin price. However, a potential bullish reversal from $ 3.2 support may challenge this resistance trendline for recovery opportunity.
- A bullish breakout from the dynamics resistance trendline may drive APE price by 145%
- The 50 EMA assists sellers in maintaining the ongoing downtrend.
- The intraday trading volume in Apecoin is $ 407.6 Million indicating a 50.8% gain.
During the first half of May, the ApeCoin (APE) price witnessed a significant fall and plunged to a $ 5.1 low. However, responding to the widespread uncertainty in the crypto market during the second half, the altcoin consolation above this new support.
On June 10th, the coin holders lost the $ 5.1 support and tumbled 37% lower to the $ 3.13 mark. On June 10th, the coin holders lost the $ 5.1 support and tumbled 37% lower to the $ 3.13 mark.
Since last week, the coin chart displayed several lower price rejection candles at $ 3.2 support, indicating a high demand zone. A potential bullish reversal can surge the APE price 20% higher and retest the descending trendline.
Moreover, a breakout from dynamic resistance could trigger a genuine recovery and drive the altcoin to $ 9.64 resistance.
On a contrary note, a reversal from the dynamics resistance would continue the prevailing trend and increase the $ 3.1 breakdown.
Relative strength index- during the multiple to retest to $ 3.1 support, the RSI slope escaped the oversold region and jumped above the 20-day. Moreover, this bullish divergence encourages the reversal theory of hitting the resistance trendline.
Bollinger Band- the APE price thrusting into the indicator’s upper band, indicates growth in underlying bullishness.
- Resistance levels: $ 5.16 and $ 7.5
- Support levels: $ 3.16 and $ 2.16
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