According to crypto analyst John Isige, bulls of popular metaverse coin project ApeCoin (APE) are going head-to-head with the bears to defend the crucial support at $6.00. Also, the analyst says that multiple buy signals from SuperTrend and TD Sequential indicators have printed a bullish picture for ApeCoin price. We prepared John Isige’s metaverse coin analysis for our readers.
“APE is on the verge of rekindling the bull trend”
ApeCoin uptrend was rejected after rising selling pressure around $7.50. After that, the metaverse coin is breathing just over $6.20. Support at $6.00 will confirm the stability in the market. It will also create a conducive environment for investors to return to the game. This will push the much anticipated rise to $10.00 and $20.00 respectively.
The TD Sequential indicator sent a buy signal on the daily chart. This call to bring everything together on the APE appeared on a red nine candlestick, implying that the correction from $7.50 is losing momentum quickly. Traders are advised to place a buy order when the lowest of the sixth and seventh candles in the count is exceeded by the lowest of the seventh and ninth measures. This is something that has been in recent decline.
Another buy signal from the Super Trend indicator shows that the bulls are likely winners, pulling the APE marginally above the immediate support of $6.00. When this indicator turns green and begins to follow the price of ApeCoin, it means that the rates are in favor of a close uptrend.
When will the uptrend break for the Metaverse coin?
The confluence of the 50-day Simple Moving Average (SMA) and the 100 SMA adds confidence to the bullish narrative. In other words, ApeCoin has a good chance of climbing above the resistance ($7.50) rather than extending its bearish leg to the immediate support at $3.50.
The appearance of IntoTheBlock’s IOMAP pattern revealed a solid resistance between $6.24 and $6.42. This contradicts the bullish analysis above. About 2,220 addresses have previously amassed 32.50 million APE tokens in this range. As ApeCoin takes steps to break free from bearish chains, these same holders will likely consider selling at their own breakeven point. Thus, they will completely delay or sabotage the uptrend.
Meanwhile, the Relative Strength Index (RSI) has formed a bearish bias in price. This is also likely to put the APE in a dangerous position where losses could force support at $6.00. For the most up-to-date and accurate cryptocurrency news cryptocoin.comDon’t forget to follow
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