ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

  • APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
  • APE may rally further if the price makes more of a bullish bias and breaks out from a downtrend triangular with its eyes on rising higher.
  • APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

Apecoin has displayed a tremendous price movement in recent days. Bitcoin (BTC), which has created a bullish situation across the crypto market, has also driven the Apecoin price (APE), from its support zone. Many altcoins are continuing to produce over 50% growth, which is making the crypto market more inviting. DOGE and APE have enjoyed some impressive rallies in recent months, rising from $0.055 to $0.15. Data from Binance

ApeCoin Price Analysis on the Weekly Chart

Apecoin’s bullish momentum has been elusive in recent months. Despite the uncertainties that have befallen cryptospace, APE prices have enjoyed some relief since rallying from the weekly low to $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

The price of APE rose to $6 after its close above $4.3. However, the price was not able to surpass this level due to minor rejections.

APE’s price has maintained its bullish structure over the $4.3 area. APE is looking to rally to $6, which could be very important in the rally to $7. APE could drop as low as $4.5-$4.3 if it fails to surpass $5-6.

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

BTC Price Analysis On A Daily (1D), Chart

Daily APE price chart | Source: APEUSDT On Tradingview.com

APE’s daily price remained strong, breaking out of the downward triangle. However, there was some resistance to turn this support into support. APE trended higher, to $7.

APE trades currently at $4.9. This is just below its support at $5, which was formed after the successful breakup of a triangle. APE’s price trades below 50 EMA. The 50 EMA is $5 and acts as support. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

Featured Image from zipmex. Charts From Tradingview 

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