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The Apes price has gone ballistic with a 108% pump in the past week and 5% in the last 24 hours to trade at $0.02049 as of 7:00 a.m. EST on a 2% uptick in trading volume to $6.9 million.
The Apes Price Breaks Above A Triangle Pattern
The APES/USD pair on a 1-hour timeframe is currently showing signs of consolidation within a descending triangle pattern, which is bounded by a bearish trendline above and the 50-period Simple Moving Average (SMA) below. This pattern is typically considered a continuation pattern, but given the overall market context, it could also signify a potential reversal.
The price action is constrained by a bearish trendline, which has been pushing the market lower. This shows that sellers have been prevalent, although the pattern is narrowing, indicating that a breakout, up or down could be near.
APESUSD Analysis Source: Dextools.io
The 50 SMA at $0.0197 is currently acting as a support level, which the price has respected on recent dips. This indicates some buying interest around these levels. Meanwhile, the 200 SMA at $0.0179 is positioned slightly below the 50 SMA and serves as long-term support. It also suggests that APES is in a bullish trend since the 50 SMA crossed above it recently.
The Moving Average Convergence Divergence (MACD) is showing a mild bullish crossover, with the MACD line crossing above the signal line. This indicates a potential shift in momentum to the upside, albeit still tentative. The histogram is also slightly positive, which adds to the bullish potential but remains relatively muted.
On the other hand, the Relative Strength Index (RSI) is trading at 59.33 in neutral to slightly bullish territory. This indicates that there is still room for the price to rise without being overbought. The current RSI reading also suggests that the market is balanced but leans towards bullish momentum, which could support a breakout.
Apes Price Prediction: Can The Bulls Sustain The Momentum?
There is a strong potential for the price to break above the bearish trendline if the buying momentum continues. A successful breakout above the trendline could lead to a rapid price increase towards $0.0300 and eventually test the $0.0350 target.
However, if the Apes price fails to break above the trendline, there could be a downside risk back towards the 50 SMA or even the 200 SMA, with potential support near $0.0197. A failure to break the trendline could see the price retreat to $0.0175 or lower, testing key Moving Average support levels.
Last Chance: Buy The Meme Games Token Now Before Its Presale Ends
Meanwhile, Olympic lovers may want to diversify to another crypto called The Meme Games (MGMES), which has raised over $400K as its presale nears its conclusion.
Renowned crypto analyst and Youtuber Claybro believes that MGMES is one of the cryptos that could post huge returns once it launches.
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By purchasing MGMES tokens, investors can choose one of these five meme characters to represent in them a virtual competition. The winning meme is selected randomly using blockchain technology, adding a thrilling element of chance. If your chosen meme comes out on top, you’ll earn a 25% bonus on your initial purchase amount.
Participants can enter as many times as they like by buying additional MGMES tokens, with no minimum purchase requirements. This flexibility allows players to strategize by making multiple, smaller purchases to boost their chances of winning.
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Join now, pick your winning meme champion, and lock in a 25% bonus if they clinch the victory. 🥇
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— The Meme Games (@MemeGames2024) September 2, 2024
You can also stake your MGMES tokens for an impressive annual percentage yield of 471%. So far, over 21 million MGMES tokens have been staked since the project’s presale launched.
Early buyers can purchase MGMES tokens for $0.0094 using ETH, USDT, BNB, or a credit card via the official website’s buy widget. With the meme coin’s price set to increase in less than four days, buying now will help you secure the best deal.
Buy MGMES tokens here before its presale ends.
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