ApeCoin’s native token, APE, now contends with formidable resistance around $1.80. Still, analysts broadly remain constructive on ApeCoin’s outlook so long as key support at $1.50 holds.
What you'll learn 👉
Uptrend Intact While Above Trendline
According to trader Crypto Breakout, ApeCoin continues trending above its former downtrend resistance – now turned support. With APE closing last week above that rising trendline, no red flags emerged per his analysis.
As long as $1.50 area support maintains on pullbacks, Crypto Breakout expects ApeCoin to take another run at range high resistance around $1.80. Holding that level would set the stage to reach his upside targets in the $1.8+ zone.
Crypto BreakOut highlights five primary targets for APE. The first one is set at $1.855, followed by $2.538, $3.293, $4.573, and $6.307.
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Show more +altFINS reinforces bullish case
Reinforcing the bullish setup, artificial intelligence-based analysis by platform altFINS identified a textbook breakout from ApeCoin’s multi-month descending triangle pattern earlier this year. Their automated strategy triggered long-side entry around current prices after initial upside targets near $1.80 were reached.
Now, altFINS awaits confirmation of a break above that resistance zone to signal the continuation of the uptrend. Alternatively, a pullback to $1.50 support would offer another attractive swing trade entry point to ride prices back up to $1.80.
Source: altFINS – Start using it today
Drilling down to the daily time frame, ApeCoin’s relative strength index (RSI) has now ascended to a lofty reading of 63.
An RSI value of 60 and above indicates that the relative strength of the asset’s recent price gains is relatively high compared to its recent losses. However, it’s not extreme and doesn’t necessarily suggest an immediate reversal in price direction.
With technicals still validating the bull case within ongoing range constraints, opportunistic traders await the next breakout ignition above $1.80. But even amidst crypto’s turbulence, APE continues to flash resilience worthy of its premier brand association. The present consolidation may offer the springboard for this ape’s next leap higher.
APE is currently trading almost 5% down in the last 24 hours and is trading at $1.74 at press time, according to CoinMarketCap data.
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