The leading metaverse cryptocurrency – Apecoin, continues to surge in volatility as it reaches a new milestone this week. The price is down by 1.6% today with a $1.73 billion market cap.
Apecoin is out of the wood. It tapped the high of $5.1 yesterday, following a consistent increase since the start of the year. It has enjoyed a lot of volatility inflow lately.
After the price surged above the five-month descending channel on January 1, it pushed higher and broke out of structure at $4.5. This breakout led to a shift in the trend and at the same time activated a short-term bullish, which could rally to $7.8 in the coming days.
It has found solid supports at $2.8 and $3.3 over the past two months and might retrace shortly to establish another one around $4.2. Yesterday’s high rejection triggered a slight drop to $4.78, which may continue if the price continues to drop.
A new support trend line is now forming following the higher highs and higher lows pattern formed on the daily chart.
If this trend line fails to support the market, the cryptocurrency could lose momentum and may start to fall again. As of now, APE is looking bullish across time frames.
APE’s Key Levels To Watch Out For
APE is currently sitting on daily support of $4.73. If this support fails, the $4.5 break level would be next for a retest. Beneath this level lies a key retracement level for a bounce.
Should buyers act upon this support, the next area of interest above would be $5.2 – the November 2022 high – followed by a hidden resistance at $5.5.
The psychological resistance here is $6. If the price advances higher, APE will reclaim the September 2022 resistance of $6.4 before it decides on the next direction.
Key Resistance Levels: $5.2, $6, $6.4
Key Support Levels: $4.5, $4.2, $3.7
- Spot Price: $4.8
- Trend: Bullish
- Volatility: High
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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