ApeCoin (APE) The ongoing recovery in price continues to move to break the current $7.5 resistance level. However, the 100-day EMA and the “combined resistance” at $7.5 continue to strongly defend the selling pressure. The resurgent bullish momentum remains active to weaken the pressure from the general supply.
Important points:
- The APE chart shows a rolling bottom recovery.
- The lateral shift in the ADX slope clearly shows the indecision among market participants.
- The intraday trading volume is around $616.5 million, which represents a 13% drop.
Koinfinans.com As we have reported, from mid-June to July, APE/USDT The pair resonates in a cup and handle model with a neckline resistance of $5.5. Thus, on July 18, APE price made a big break out of this resistance, showing an early sign of a trend reversal.
The rally that emerged after the retest, ApeCoin priceIt increased 32.5% and reached the $7.35-7.5 resistance. However, this price rebound amid the recent sell-off in the crypto market has shown multiple high price rejection candles, indicating intense supply pressure from above.
APE price registered a 10.83% price increase today, bringing the general resistance back into the game. A bullish breakout at $7.5 and the 100-day EMA could turn this resistance into viable support to continue further recovery.
“Potential upside will push the APE price up by 25% and reach the $9.3 resistance.”
Despite these developments, if ApeCoin traders fail to close the daily candlestick above $7.5, the price may enter a pullback phase, which could break the $5.5 resistance to the downside.
ApeCoin Technical Indicators:
MACD indicator: A fast and slow line that continues to rise in the bullish zone represents market sentiment is bullish. However, the narrow distance between these slopes also heralds that buyers are barely managing the ongoing rally.
RSI indicator: The 100-days EMA, marked at $7.5, represents an additional resistance for buyers to overcome. Also, a break of the 20-day dynamic support will mean a better confirmation for the price correction.
Resistance levels: $5.1 and $5.6.
Support levels: $4.74 and $4.3.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.