ApeCoin Price Breakout: Horizontal Resistance Now Serving As Support

The ApeCoin (APE) price has recaptured an important horizontal resistance area, confirming that it now serves as support. This can signal the start of a steady ascent.

Since the start of December, when staking became active, there has not been any news about ApeCoin. However, on January 4, watchmakers Timex released 500 watches that incorporate non-fungible tokens from Bored Ape Yacht Club and Mutant Ape Yacht Club (NFTs).

Consequently, in addition to the actual watch, there will be a digital replica in the form of an NFT that houses the user’s virtual avatar. Notably, the 1.5 (ETH) mint price received harsh criticism from the community.

ApeCoin Regains Important Stage

Since November 14, when it strayed below the $3.40 horizontal region, the APE price has climbed (red circle). The price of ApeCoin had fallen off at the time. Nevertheless, the subsequent upward trend reduces the breakdown to the deviant status, and such discrepancies frequently are followed by significant rises.

The APE price crossed the $3.40 horizontal level on November 26 and confirmed it as support on December 17. (green icon). All of them are seen as bullish indicators.

The RSI rising above 50 could be a bullish sign, but similar increases in the past have not resulted in positive outcomes. Therefore, it is uncertain if the RSI is actually bullish.

However, a downward resistance line in place for 150 days was broken, which is the most positive indication. A persistent gain has yet to follow the breakout, although moves above such long-term patterns typically do.

The key resistance area, defined by the 0.5 Fib retracement resistance level, would be at an average price of $5.15 if the upward advance continues. In contrast, a drop below the sloping support line would indicate that the breakout was invalid.

ApeCoin Price Forecast For January: Will The Uptrend Continue?

APE price has been following an ascending support line since November 13, based on a four-hour time frame analysis. The most recent validation of the line (green icons) occurred on December 30, which sparked the rising trend.

A downward resistance line also appears to have been crossed by the APE price (dashed). But because there are so many wicks, it’s difficult to determine its precise slope. As a result, the breakout cannot be verified.

But this short-term breakthrough is more plausible because the price of the ape coin broke over a long-term falling resistance line on the daily time frame.

Additionally, an ascending triangle, seen as a bullish pattern, is formed by the $4.32 resistance zone and the ascending support line. The APE future price is anticipated to reach the previously mentioned $5.15 resistance area upon a potential breakthrough from it.

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The APE price’s long-term course is unknown, but in the near term, a breakout toward $5.15 is likely. It could go to new lows if it falls below the current support line.

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