- ApeCoin price is breaking out of a declining trend line, finalizing its nearly two-month downtrend.
- A daily candlestick close above this resistance level could trigger a 20% upswing to $5.79.
- Invalidation of this bullish outlook will happen on the breakdown of the $4.32 support level.
ApeCoin price shows clear signs of a bullish resurgence as it attempts to break free from its long-standing downtrend. If successful, APE could kick-start a quick rally to retest the immediate hurdle.
ApeCoin price ready to break free
ApeCoin price has produced four lower highs since August 5 and stabilized around the $4.32 support level after September 7. This development created a range tightening for APE, which is currently about to come undone.
So far, ApeCoin price has sliced through this declining trend line connecting the swing highs since August 5. A confirmation of the breakout will come after a decisive daily candlestick close above this hurdle. In such a case, market participants can expect APE to kick-start its journey north.
The 50-day Exponential Moving Average (EMA) at $4.95 will pose a minor threat, but overcoming this barrier will result in a bullish ascent to $5.56, aka the 100-day EMA and $5.79.
In total, this move would constitute a 20% gain for APE holders and is likely where ApeCoin price will form a local top.
APEUSDT 1-day chart
While things are looking up for ApeCoin price, a lack of buying pressure that leads to a move below the aforementioned declining trend line would be an unproductive development. In such a case, if APE buyers back out, the altcoin could slide lower.
If ApeCoin price produces a daily candlestick close below $4.32, it will invalidate the bullish thesis and potentially trigger a correction to the $3.78 to $3.65 support area.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence ApeCoin price.
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