2024-10-21 08:54 |
While meme coins are taking a break from the weekly spotlight, gaming and metaverse tokens are now stealing the show as Apecoin exploded by 70% in the past 24 hours. It currently appears highly bullish on the day.
Apecoin’s recovery has been impressive over the past month following a steady higher high and higher low movement from the $0.48 bottom level as shown on the daily timeframe. While that move brought relief, the bears remained hopeful as the price increased weekly.
It lost steam and turned weak this month after facing rejection at a critical resistance level in late September. The weakness subjected the market to a two-week consolidation before initiating a strong buy on Friday.
While that buy took the bears off guard by surprise, it led to a sudden surge in volatility and the price broke through the critical resistance level to exactly $1.35 for the first time in four months. As seen on the daily chart, the price is now trading well above $1.2.
Technically speaking, the bears are currently in disbelief of the latest surge as they appear trapped at the bottom.
Looking at the daily price actions, the anticipated bullish party appeared to have started following the latest explosion. Things have slowed down a bit in the past hours as it may undergo a small retracement before resuming surge.
APE’s Key Level To Watch Source: TradingviewIf the buyers continue to mount pressure, the price may break through the $1.37 resistance to $1.55. Higher resistance levels to watch are $1.82 and $2.5.
While $1 is considered a key level for a pullback, a drop below it could bring us back to the $0.79 support level that flipped as resistance during yesterday’s surge. The main support for drops lies at the $0.65 level.
Key Resistance Levels: $1.37, $1.82, $2.5
Key Support Levels: $1, $0.78, $0.65
Spot Price: $1.2 Trend: Bullish Volatility: HighDisclosure: 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: inueng/123RF // Image Effects by Colorcinch
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