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Apecoin 10 percent increase is set by the wedge pattern breakout.

11-Sep-2022 By: Shikha Jha
Apecoin 10 percent i

The $4.18 level served as a support level for the Apecoin price, 

Which then signalled a turnaround with a three-day rise.

As a result, the bull run broke through the $4.85 level and the immediate resistance of the falling wedge pattern. We are currently in the retest phase to confirm the validity of the breakout.

The Bollinger band indicator's bullish zone is reached by the APE price. The 20-day EMA resistance is reclaimed by the advancing prices. The $378.5 Million intraday trading volume for apecoin indicates a 151% rise.

During the most recent decline, the price of apecoin significantly dropped and reached the 0.786 Fibonacci retracement level. A FIB indicator at such a low level indicates waning bullish momentum, making it difficult for buyers to resume their recovery.

The discounted Apecoin price, which rested a bullish reversal from $0.786 FIB($4.17) support, attracted more buyers despite the ambiguity surrounding the coin's trend. As a result, the altcoin increased for three straight days and had a pump of 20.8%.

The progressive increase in volume activity also indicates a genuine recovery. In addition, the three-week falling wedge pattern was massively broken out by this recovery. The present rebound should therefore continue, and the bullish pattern should overcome the cryptocurrency above $5.44.

Before a positive upsurge, a retest phase is still anticipated to test the breached resistance. As a result, this pullback may attempt to cross the trendline or test the $4.85 horizontal barrier, giving potential Apecoin buyers a chance to buy. On the other hand, if buyers find it difficult to capitalise on a pattern breakthrough, the price may drop down below $4.17 with a potential breakdown.

Technical indicator

EMAs: The coin price broke over the 20-day EMA resistance, giving the wedge formation breakout a more boost.

The daily-RSI slope exploded from the oversold neckline and struck the near to hit the midline line, according to the RSI indicator. This indicator thus showed strong development in the pressure of the demand at reduced costs.

Levels of resistance: $5.41 and $6

Levels of support: $4.2 and $3.22

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