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Vikram
Apr 23, 2022
by Vikram

APE Technical Analysis: Buyers Ready For An Elastic Jump To $20

APE
With the APE coin trending and ready to give a rounding bottom breakout to reach $20, should you join the rally, or is it too good to be true?

Key technical points:

  • APE prices form a rounding bottom pattern.

  • The 100 and 200-day EMAs give a bullish crossover.

  • The 24-hour trading volume of Apecoin is $1.414 Billion, marking a 10% rise. 

    • Past Performance of APE

    APE coin price action shows an impressive reversal from the $14 level yesterday and completes retesting the breakout of 20th April. The buyers who stepped in at $14 altered the course of the action and helped reignite the bullish trend, allowing it to reach $16.50.

    TradingView Chart

    APE Technical Analysis 

    APE coin price action produces bullish engulfing candlesticks with a strong signal of bullish commitment reflected in the increase in volume. Furthermore, the price action creates a rounding bottom pattern with an upper neckline of $17.

    The extraordinary growth in coin price transcends all the crucial EMAs and brings a bullish reversal in the averages. Moreover, the inflation accounts for 50 and 100-period EMAs giving bullish crossover and increasing the overall bullish attention for the token.

    RSI Indicator: The daily-RSI slope shows a bullish trend in continuation to reach the overbought boundary after testing the halfway mark. 

    MACD Indicator: The crossover of the MACD and signal lines give a bullish entry signal with the positive histograms making an entrance. Hence, the indicators scream a boom in bullish momentum. 

    In a nutshell, the APE technical analysis shows a rise to the $20 mark.

    Upcoming Trend 

    APE coin price is experiencing an explosion in buying pressure as the trend schedules to break above the $17 neckline in the rounding bottom pattern. Therefore, if buyers can successfully complete an upward breakout, the trend could reach the $20 mark.

    Resistance Levels: $17 and $20

    Support Levels: $14 and $16

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    ApeCoin $APE
    APE Technical Analysis: Buyers Ready For An Elastic Jump To $20
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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