Apecoin just broke out to a six-month resistance following a steady rise since the start of the month. It has rejected the $2 level but still sits above key support, forming a bullish pattern on the daily chart.

After picking up from $1 last October, Ape increased for two months and almost doubled its price but unfortunately halted buying near $1.9 and consolidated for weeks before breaking down.

It later found support above the $1.2 level after a month of drops and recovered a bit in late January. The price pulled back earlier this month and started to pick up again. After weeks of consistent increases to reclaim the recent high, it saw rejection and pulled back to $1.6 last week.

That price level provided support and Ape resurged steadily to a high of $2.1 yesterday. A rejection occurred there and the price dropped below $2. Up till now, the crypto is finding it difficult to push higher due to a drop in volatility. Buying pressure appeared weak.

The price is likely to resurge above the $1.8 level. If the bulls fail to regroup above the mentioned price level, the price will drop lower until it finds a solid level to foot another leg up.  Regardless of the above, Ape’s bullish trajectory remains intact with the formed double-bottom pattern on the daily chart.

If a resurge occurs, there’s an immediate resistance at $2.2, followed by a mid-term resistance at $2.53. A surge through these price levels could send the price straight to $2.8 and perhaps $3 in no time.

The crucial $1.88 resistance flipped during yesterday’s surge now serves as support. A drop below it could cause a drawdown of $1.59. The $1.3 support would be the next stop if the price further dips.

Key Resistance Levels: $2.2, $2.53, $2.8

Key Support Levels: $1.88, $1.59, $1.3

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: miniyxdoodle/123RF // Image Effects by Colorcinch

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