- APE expected an increased bull strength after breaking above the 20/50/200 EMA.
- A breakdown of the $5.20-5.22 range at the close may indicate a downtrend in the near term.
despite ApeCoin (APE) dropped from a two-month peak in early August, the cryptocurrency managed to recover and find support at the $4.2 support level. In the short term, this recovery has created a bullish notion as it is forming a bullish pattern on the four-hour time scale.
APE predicted increased bull strength after breaking it through 20/50/200 EMA However, it showed a slight pullback from the $5.6 resistance level. Cryptocurrency associated with Pike It will attempt to continue the current uptrend if the bulls can maintain their advantage above the $5.4 support level. At press time, APE was trading at $5.3, an increase of 15.3% over the previous 24-hour period.
Bullish momentum is coming
Once it was trading around a ten-week high, APE started a sharp decline towards its multi-month support in the $4.2 region. With a sharp drop of almost 45% from its August highs, it has fallen below the 20/50/200 EMA and is now in a serious downtrend.
With the $4.2 support allowing the bulls to recover, APE provided an ROI of over 40% and served as a strong mast for its bullish rally.
Purchasing power has been boosted over the past several hours by a bullish cross at 20/50. The exponential moving averages (EMAs) were still pointing higher, indicating a good potential for a continuation of the rally. If sellers are unable to close below the immediate support, pressure could occur in the $5.4-$5.6 region soon.
A breakdown of the $5.20-5.22 range at the close could indicate a near-term downtrend before an extended rally. If demand drops, the coin may drop below the 200-day exponential moving average (EMA) before a possible recovery occurs.
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