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ApeCoin commences a bullish movement
APEUSD Price Analysis – November 06
An increase in the buyers’ momentum will lead to the breakup of the resistance level at $5.2, which may expose ApeCoin to $5.9 and $6.4 resistance levels. In case the bulls were not able to break up $5.2 resistance level, bears may take over and the support levels at $4.5, $4.1 and $3.2 may be tested.
Key Levels:
Resistance levels: $5.2, $5.9, $6.4
Support levels: $4.5, $4.1, $3.2
APE/USD Long-term Trend: Bullish
APE/USD is on the bullish movement in the daily chart. Triple bottom chart pattern formed at $4.1 support level. The first touch was on 06 September, the price increased and tested $6.4 level. A bearish momentum increased and the price declined to retest the previous low at $4.1 level. The third time was on 02 November. The price is currently bouncing off the support level of $4.1. Buyers are in control of ApeCoin market.
The Relative strength index Period 14 on the daily chart is at 55 levels with the signal line pointing upwards which indicate a strong bullish signal. An increase in the buyers’ momentum will lead to the breakup of the resistance level at $5.2, which may expose ApeCoin to $5.9 and $6.4 resistance levels. In case the bulls were not able to break up $5.2 resistance level, bears may take over and the support levels at $4.5, $4.1 and $3.2 may be tested.
APE/USD Price Medium-term Trend: Bullish
The ApeCoin is bullish on the medium-term outlook. The support level of $4.1 has been a strong support level to the ApeCoin. The price is rejected at the level three times. The price may break up the resistance level of $5.2. Bulls’ momentum is increasing at the moment.
As a confirmation of a bullish trend, the 9-day EMA has crossed the 21-day EMA upside with the price trading above the two EMAs. In case bulls continue to increase their momentum, ApeCoin price will increase further. The relative strength period 14 is at 61 levels with the signal line pointing up which indicate buy signal.
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