On November 5th, the Apecoin price gave a bullish breakout from the descending triangle pattern of the daily time frame chart. Furthermore, this breakout indicates a shift in market sentiment from selling on rallies to buying to dip. Today, the altcoin dropped 3% and offers a retest opportunity for interest buyers.
Key points:
- A six monthly long descending triangle pattern ended on a bullish note
- The post-retest rally could drive the price 20% higher.
- The intraday trading volume in Apecoin is $385.2 Million, indicating a 36% loss.
Source- Tradingview
The recovery in altcoins comes a bit slower in Apecoin as it finally picks up momentum with an 18.64% reversal in the last four days. The bullish reversal comes from the $4.175 support level and reclaims the $5 psychological resistance.
The increasing market price improves the technical standpoint of Apecoin with a resistance trendline breakout thanks to a double-bottom reversal. This trendline also marks a bullish breakout of a long-coming descending triangle.
A substantial volume spike on the November 5th bullish candle indicates the buyers are confident in reclaiming the higher levels. In addition, a low volume retest to the breached trendline hints at a temporary downfall.
If the buyers sustain this above the $5 mark, the post-retest rally should push the prices 20% higher to hit the next support zone at $6.
Moreover, an uptrend continuation will release the trapped momentum, and in response to the bullish pattern set up, the prices may reach the $9.5 mark.
On a bearish note, if the price crash under the $4 level, a retracement to the crucial support level of $4.175 seems inevitable.
Technical Indicator
RSI indicator: the daily-RSI slope jump above the neutral line accentuates the market sentiment and supports the potential growth for Apecoin.
EMAs: the recent price jump breached the 20-and-50-day EMAs resistance, providing an additional confirmation for the long positional holder. Moreover, these EMAs may act as suitable support to bolster the post-retest rally.
Apecoin price intraday level
- Spot price: $4.96
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $6 and $6.6
- Support levels: $5 and $4.175+
The post Apecoin Price Attracts 20% Rally If It Sustains This Breakout appeared first on CoinGape.
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