Along with other top cryptocurrencies, Apecoin has bounced back above a crucial resistance following a 6.3% increase over the last 24 hours. The coin found support at $2.6. It’s now making a round bottom towards the $3.67 resistance level.
After days of choppy price actions, Apecoin regained momentum and increased as it reclaimed the resistance level of $3, which suppressed buying pressure for a week. The price is currently building up for a healthy correction.
This correction is a retest of the recent breakdown levels, which could last up to $4.4 – where the daily resistance trend line lies – before it rolls back. A surge to $5 would be a breakout for a mid-term rally.
The ongoing build-up signals a positive increase in the coming week if the weekly candle can close above the mentioned resistance, which is now a support. Most importantly, the price of Bitcoin must stay above the $16,200 level to hold the latest gains.
But if all these scenarios fail to play out and Apecoin starts to fall again, particularly below the holding support of $2.6, a massive price collapse would be underway.
It is currently ranked the second biggest metaverse token by market cap after a roughly 10% gain in a week. The trend appears bullish on the lower time frame as it remains bearish on the higher time frame.
ApeCoin Price Analysis (APEUSDT): 4-Hour Chart
The latest hourly breakout at the $3.19 resistance level validates more upward movement as the $3.67 resistance level lies in view.
It could face rejection at the above resistance before surging to $4.2, a retest level. We can expect a sell action once the price touches this level.
On the other hand, Apecoin has held close support at $2.62 and $3. If it loses these supports due to price collapse, the next support level to watch out for remains the $2.1 level. The price can even drop lower if the selling volume increases.
Key Resistance Levels: $3.67, $4.2, $5
Key Support Levels: $3, $2.62, $2.1
- Spot Price: $3.3
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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