Three weeks ago, Apecoin slipped below $2 and found support with a recovery in the past two weeks. It posted a 5% increase today and may reiterate more actions in the coming days.
As the market’s volatility dropped since last weekend, making most altcoins retrace downward, Apecoin’s price continued to increase and is now trying to test the monthly crackdown level on a daily scale.
Before now, APE traded as low as $1.97 earlier this month after undergoing a five-month bearish. That low held as support and the price started to recover. Following this recovery in the past weeks, the price is now sitting around $2.45.
Despite the recovery, the price is still trading in a bearish zone. The price remains trapped inside a falling wedge pattern with an ongoing retracement movement on the daily chart.
A clear break above this wedge would be considered a bullish movement from a mid-term perspective. Inversely, a rejection at the wedge’s lower boundary could lead to another drawdown – which confirms a continuation of the existing bearish trend.
Looking at the bigger picture on the weekly, APE appears to have reached its key demand zone this month. More buying could take place in the coming weeks if the recent recovery level holds.
APE’s Key Levels To Watch
In the meantime, the potential buying level to keep in mind right now is $2.62, followed by the $2.8 resistance level, which sits at the wedge’s upper boundary. Higher resistance levels are $3 and $3.3 in case of a wedge’s breakup.
Currently, APE is supported by a minor level of $2.166 and the major one at $2, where it recently recovered from. New support may surface at $1.8 and $1.6 if a breakdown occurs.
Key Resistance Levels: $2.62, $2.8, $3
Key Support Levels: $2.166, $2, $1.8
- Spot Price: $2.45
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
