- ApeCoin displays resilience after dropping 44% from its ATH of $17.47.
- A bottom pattern indicates the alt readies or a swift 20% recovery move.
- Losing the support floor at $9.52 will form a lower low and nullify APE’s bullish narrative.
ApeCoin (APE) displays recovery signals as the alternative token creates a makeshift base. This footing might act as a launchpad, allowing the crypto to climb higher. That way, APE would recover accrued losses.
APE Reveals Bulls Intentions
ApeCoin lost nearly 44% after touching its ATH of $17.47 to print a swing low near $9.52. However, a quick surge followed this downward move cessation and APE formed a higher high near $11, equal to the 21 March swing peak.
The formation shows bulls’ willingness to explore higher price levels. A retracement followed the 15% upswing, triggering a higher low around $9.73, highlighting an uptrend continuation. Therefore, market players can expect APE to keep this trend in the up-and-coming days.
APE has an opportunity to rally 22% from its $10.82 current position to explore the $13 value area. Meanwhile, the territory stretching between $12.63 and $13.01 represents a massive resistance area that would likely seize ApeCoin’s upsurges.
Though unlikely, the altcoin has a chance to retest the previous ATH of $17.47. However, bulls need to conquer the resistance at $15.81 to achieve such an optimist target. In some instances, the upside move might extend to print a new ATH around $20 if the crypto spectrum retains the positive narrative.
Meanwhile, ApeCoin losing its strength will see it returning to the support floor of $9.52. Buyers would have another recovery chance here by printing a double bottom pattern. Meanwhile, failure to do that would trigger continued downtrends. If that results in a decisive candle close under $9.64, it will form a lower low and suggest bearish favoritism.
Such actions will cancel the bullish narrative, translating to an extended downward correction for APE price. That would see the alt revisiting the 1hr demand territory, stretching between $8.19 and $8.76. Remember, ApeCoin has been in the spotlight since its launch some days ago. The tokens seem to attract the attention of the crypto markets.
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