The price of ApeCoin (APE) has recovered an important area of horizontal resistance and proved it as support. This could be the first part of an extended uptrend.
Since the beginning of December and the implementation of staking, the news ofApeCoinhttps://fr.beincrypto.com/prix/apecoin/ he remained calm. However, on January 4, watchmakers Timex launched 500 watch parts that carried non-volatile markings (NFTs). Bored Ape Yacht Club and the Mutant Ape Yacht Club.
Therefore, in addition to the physical watch, there will also be a digital version of the watch in the form of an NFT which will contain the user’s virtual avatar. With a mining cost of 1.5 ETH, the item is deleted many comments from the community.
ApeCoin recovers a crucial level
The price of APE has risen since November 14, when it broke out of the horizontal zone of $3.40 (red circle). At the time, it looked like the price of ApeCoin was falling. However, the bullish move that followed made this explosion a mere aberration. In general, deviations of this type are often followed by significant growth.
On November 26, APE price broke above the horizontal zone of $3.40 and proved it as support on December 17 (green icon). All of these are considered bullish signs.
While the RSI’s move above 50 can be seen as a bullish sign, similar bulls (green circle) have failed to materialize over the past five months. Therefore, we cannot say for sure that the RSI is bullish.
But the most bullish sign comes from the break of a bearish resistance line that had been in place for 150 days. Although a significant upside move did not follow the breakout, moves on such long-term patterns usually lead to sustained reversals.
If the upward movement continues, the main resistance area would be found at the average price of $5.15, created by the resistance level of the 0.5 Fib retracement. Conversely, a drop below the rising support line means that the breakout was not legitimate.
Price Forecast: Will the rise continue?
Technical analysis of the four-hour time frame shows that the APE price has followed a rising support line since November 13. The line has been confirmed multiple times (green icon), most recently on December 30, catalyzing the current bullish move.
The price of ApeCoin also appears to have broken out of a bearish (dotted) resistance line. But its exact slope is unclear due to the presence of many wicks. Therefore, the dissolution cannot be confirmed.
However, the fact that Ape coin price broke from a long-term bearish resistance line on the daily time frame makes this short-term breakout more likely.
Additionally, the ascending support line combined with the $4.32 resistance area creates an ascending triangle, which is considered a bullish setup. A possible breakout of this triangle should take the future price of the asset towards the previously described $5.15 resistance zone.
In conclusion, although long-term APE price analysis is still unclear, the most likely near-term move is a breakout towards $5.15. On the other hand, a close below the current rising support line would invalidate this bullish assumption and likely send the APE price to new lows.
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