Reversal Pattern Sets 21% Rise in APE Price


Published 8 hours ago

The APE/USDT technical chart shows the formation of a cup and handle pattern in the 4-hour time frame chart. Amid improving market sentiment, coin buyers offered a decisive breakout from the pattern’s neckline resistance of $5. Completing the reversal pattern, the coin price shows a 21% growth opportunity.

Key points: 

The post-rest rally of the cup and handle pattern breakout could pump the APE price to the $6 mark.
The 50 EMA slope flipped to a viable support level.
The intraday trading volume in Apecoin is $483.5 Million, indicating a 121.2% gain.

APE/USDT ChartSource- Tradingview

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Responding to the global market sell-off in May, APE prices took a nosedive, generating a highly bearish resistance trendline. The selling spree took the market value to a low of $3, more than 50% lower than the listing price on Coinbase of $8.15. 

However, the APE price trend turns bullish with a cup and handle pattern with the neckline near the $5 supply zone. The rising price gives the bullish breakout of the reversal pattern and goes against the 200-Day EMA.

Considering the opposing EMA drives the APE prices back to retest the broken supply zone, buyers can find a high reward entry point. Thus, the bulls can expect the breakout rally to reach overhead resistance at the $6 mark or even the $7.40 mark if the bullish momentum sustains.

Conversely, the sellers can expect the retest failure rally to cross under the $5 mark, potentially reaching $4.

Technical Indicator

EMAs: the 50 EMA has acted as a dynamic resistance since mid-April; until recently, the buyers breached it on July 19th. This flipped support should bolster APE prices to complete the bullish reversal pattern.

MACD indicator: the MACD and signal line rising with a significant spread between them, indicating growth in bullish momentum.

Resistance levels: $6 and $6.5
Support levels: $4.8 and $4

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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