ApeCoin (APE) Targets the $10 Value Area – Technical Analysis
ApeCoin price displays strength following a bounce back from the $3.10 weekly low against USDT. The BAYC native coin saw a relief rebound as Bitcoin rallied from the $19K day low towards the $23K value area (Binance data).
ApeCoin Weekly Chart
The weekly chart confirms APE price touched the $3.10 weekly low, and the level has printed a foothold. The meme token saw amplified momentum as it targeted the resistance level at $10. Meanwhile, a break past $10 would support upswings to $12.
However, breaching $10 on its weekly chart can welcome a retest of $6.7. Nevertheless, the volume flashed impressive buy bids, propelling APE price higher.
- Weekly resistance – $10
- Weekly support – $6.7
ApeCoin Daily Timeframe
ApeCoin price secured massive footing near $3.4, with what appears like the bottom on its 24hr chart. The alternative token maintained upswings beyond this foothold to explore the $7.7 highs. Meanwhile, this area presented resistance to the alt.
While publishing this blog, APE changed hands at $7.4, hovering beyond the 50 EMA (Exponential Moving Average), which matched the support barrier at $6.2. Meanwhile, weekend drawdowns would see the token securing support level at $6.2, the area corresponding with the daily 50-Exponential Moving Average.
Failure to keep the 50-EMA would plunge towards a foothold at $5.2. Meanwhile, the support might welcome potential rebounds for ApeCoin price. Increased buy bids would propel the price to retest $10, the level representing resistance on the 24hr chart.
APE’s Relative Strength Index on the 24hr chart stays beyond 65, confirming impressive buy bids for the token. Also, the volume prints positive signals, supporting the anticipated upside journey.
- 1Day Resistance $7.7, $10
- 1Day support – $6.2, $5.2.
ApeCoin 4Hr Timeframe
ApeCoin’s price indicates massive strength on its 4hr chart after printing support at around $4.22. Meanwhile, the altcoin surged from this area, forming a bullish upward channel in the 4hr timeframe. APE met rejection at $9.10, triggering sell-offs on the four-hour chart.
APE has its price at $7.4, swaying beyond the 50 and 200 Exponential Moving Average at $7 and $6 on its 4hr chart. These value areas would serve as support floors for ApeCoin on the 4hr chart. Nevertheless, rallies from the 4hr timeframe low at $6.50 saw APE forming an upside trend-line.
- 4hr resistance – $8, $10
- 4Hr support – $7, $6.1
Editorial credit: photo_gonzo / shutterstock.com
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