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- Apecoin breakout the 200 day EMA and rising upward while forming higher high swings
- Ape crypto price shot up 53% on months basis and breakout of previous 3 months high
Apecoin crypto price is trading with bullish cues and bulls are trying to keep the price above the 200 day EMA for showing the presence of buyers at lower levels.Currently, The pair of APE/USDT is trading at $5.672 with an intraday gains of 2.92% and the 24-hour volume at 378.43M
Will Apecoin price be able to hold the $5.000 level ?
On a daily time frame, APE coin prices are rising upwards with a positive momentum buyers are trying to reverse the positional trend in the favor of bulls. In December, Apecoin prices traded in the narrow range between $3.341 to $4.480 and struggled to hold the 50 day EMA line but recently in January, prices breakout of the higher range with an increasing volume and continued the upward momentum by forming higher high swings.
Apecoin prices had witnessed a massive surge in volume and prices able to climb both 50 and 200 day EMA indicates some genuine buyers have taken long positions and expecting outperformance in the coming months. Ape crypto prices are racing towards the supply zone at $6.200 which will become an immediate hurdle for bulls and if bulls succeed to trade above the $6.200 we may see more upside towards $$7.500 in a short span of time.
On the other hand, Apecoin technical indicators are turning bullish and bear’s seem to be feeling uncomfortable on the higher levels. However if any minor sell off triggers form the supply zone then $4.480 and $3.500 will act as an important support level for the bulls. The MACD had generated a positive crossover and continued the upward direction indicating bullishness and the RSI above 71 entered the overbought zone.
Summary
Apecoin prices had shot up 53% on the monthly basis and formed bullish reversal patterns which has gained the attention of investors. Recently, bulls have attempted to break out of the 200 day EMA and succeeded which shows the confidence of buyers.
If in the coming sessions, prices hold above the EMA’s then we can say the positional trend is reversed in the favor of bulls. The technical analysis suggests that, till prices sustains above the $4.000 support level, traders may look for buying opportunities for the target of $7.00 and above by keeping $3.500 as SL. However, if prices drop below $3.000, the trend reversal will become doubtful.
Technical levels
Resistance levels : $6.200 and $7.500
Support levels : $3.500 and $2.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
