Apecoin continued to show bullish signs following the positive sentiment across the metaverse space. It recently bounced back from a two weeks retracement and now building up for another rally.
The past few days saw Apecoin through a notable recovery after losing some chunk of dollars earlier this month. It has regained momentum, but the buying pressure is insufficient to keep the price significantly up.
Following a series of swing highs over the past months, Apecoin seemed to follow an Elliot Wave pattern, which returned over 100% on the third wave. The last retracement saw the asset through the fourth wave. And now, the fifth wave is in play following the recent bounce.
Apecoin is currently at loss after failing to extend positive actions above a crucial resistance level at $6. It would need to reclaim this resistance before we can consider a continuation. APE’s volatility has been moderate for some days now due to insignificant buying volume.
A huge rally should be expected when the price surpasses that resistance level. The $25k rejection in Bitcoin’s price is technically drawing some altcoins back, including APE, in the next leg up. A successful push above that price level should drive the price of Apecoin up.
APE’s Key Levels To Watch Out For
Apecoin still looks bullish on the daily chart. A push above the crucial resistance level should trigger a quick buy to $6.4 in no time. The resistance level to watch above is $7 and $7.5. The key target lies at $7.8.
The latest 4.6% drop in price reveals that the bears are showing interest. However, if the drawdown continues, $5.25 and the recent rebound level at $4.77 should provide support. A decrease below this level could trigger more sell-off to $4.49 and perhaps $4.2, right below the support trendline.
Key Resistance Levels: $6, $6.4, $7
Key Support Levels: $5.25, $4.77, $4.49
- Spot Price: $5.5
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
