ApeCoin may commence a bullish movement
APEUSD Price Analysis – 25 November
An increase in the sellers’ momentum will lead to the breakdown of the support level at $2.6, which may expose APE to $1.8 and $1.4 support levels. In case the bears were not able to break down the $2.6 support level, bulls may take over and the resistance levels at $3.2, $4.1, and $4.5 may be tested.
Resistance levels: $3.2, $4.1, $4.5
Support levels: $2.6, $1.8, $1.4
APE/USD Long-term Trend: Bearish
APE/USD is on a bearish movement in the daily chart. After the formation of the Triple bottom chart pattern formed at the $4.1 support level. The coin increased to the resistance level of $7.5. The sellers defend the mentioned level with the formation of bearish engulfing candles. The price dropped to the support level of $4.1. It pulled back and retest the resistance level of $6.4. The price tested the low of $2.6 support level on November 14. It is currently ranging around $2.6 and $3.2 levels.
The Relative strength index Period 14 on the daily chart is at 43 levels with the signal line pointing downwards which indicates a strong bearish signal. An increase in the sellers’ momentum will lead to the breakdown of the support level at $2.6, which may expose ApeCoin to $1.8 and $1.4 support levels. In case the bears were not able to break down $2.6 support level, bulls may take over and the resistance levels at $3.2, $4.1, and $4.5 may be tested.
APE/USD Price Medium-term Trend: Bullish
The ApeCoin is bullish on the medium-term outlook. The support level of $2.6 has been a strong support level for ApeCoin. The price is rejected at the level three times. The price may break up the resistance level of $3.2. The 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 slightly above the two EMAs. In case bulls continue to increase their momentum, the ApeCoin price will increase further. The relative strength index period 14 is at 49 levels with the signal line pointing up which indicates a buy signal. Apecoin is looking for investors while investors are looking for Dash 2 Trade and IMPT coins.
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