- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP could face decline as percentage of supply in profit reaches very high levels
Ripple's XRP is down 6% on Tuesday following record profit-taking among investors as its percentage of total supply in profit reached very high levels in the past week. This follows Ripple Labs donating another $25 million to the pro-crypto Fairshake super PAC.
Litecoin Price Forecast: Whales invest $950M in 73-day buying spree amid LTC ETF approval rumours
Litecoin price hit $87.90 on Tuesday, down 17% from the recent high of $106 recorded on November 23. Despite the steep correction phase, on-chain data shows crypto whales have entered a 73-day buying spree.
Crypto Today: SEI, Fantom and SUI emerge as top gainers, while Morocco moves to legalize crypto
On Tuesday, BTC price struggled at the $93,000 support, while Ethereum fell 7% from $3,546 to $3,300. As BTC and ETH led the crypto market losses, mid-cap altcoins received considerable demand.
Bitcoin needs a further correction for sustained growth
After weeks of rapid growth, Bitcoin (BTC-USD) entered the maximum turbulence zone falling below $94,000. BTC is currently trading at $93,764 and continues to trend downward, having exited the ascending channel.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.