Apecoin's daily chart shows two new higher high and higher low patterns, suggesting a gradual recovery.
The recent recovery in the cryptocurrency market has caused the APE price to recently make a local top at $5.26 barrier.
Furthermore, a parallel channel pattern may be emerging based on the rising prices that are resonating between two parallel trend lines. Here is how this chart pattern might affect the price of Apecoin in the future.
The continuous price recovery of Apecoin is currently being carried by a parallel channel pattern. A zone of intense resistance for coin holders is the $5.26. Apecoin's intraday trading volume is $173 million, representing a 26% increase.
The APE price has lately created a local top at $5.26 resistance amid the recent recovery in the cryptocurrency market. However, this level, along with other technical barriers like the parallel channel patterns trendline and the 200-day EMA, produces a zone of heavy supply.
The rising parallel channel pattern is a well-known bearish continuation pattern, theoretically. Despite the constant nature of this pattern, there is a greater likelihood that the lower trendline will be broken by a loss of bullish momentum. The selling pressure will therefore increase and the current downturn will restart in the event of a bearish breakdown from the support trendline.
So long as the channel pattern is maintained, coin purchasers can take advantage of the current police trend. At the time of publication, the price of apecoin is $5 and has increased by 11.% in the last two days.
The coin price will increase by another 5% with continued buying to re-test the previously indicated $ 5.2 resistance. At this level, traders should exercise caution because it has the potential to stifle the positive momentum.
Vortex indicator: A narrowing of the distance between the VI+ (Blue) and VI- (Red) slopes denotes a slowing of the bullishness. A bearish crossover between these slopes is, however, avoided, showing that the buyer is still in control.
EMAs: a strong support zone is formed by the 20-50- and 100-day EMAs' oscillations around the $4.4 to $4.2 range.
