ApeCoin Goes Bananas; APE Rally Has Further to Run After Breaking Key Resistance

The price of ApeCoin (APE) has seen a strong surge today, with the token up over 20% and trading around $2.32 at the time of writing. This latest price action comes after APE broke out above $2.20, which according to analysis from altFINS signaled a continuation of the ongoing uptrend.

altFINS reported that APE is now in a clear uptrend across short, medium and long-term timeframes. The breakout above descending triangle resistance represented a bullish technical sign of trend continuation. With momentum indicators like the MACD and RSI also signaling bullish conditions, altFINS has set an initial upside price target of $2.50 for APE in the near-term.

Source: altFINS – Start using it today

The Moving Average Convergence Divergence (MACD) indicator shows the MACD line trading above the signal line, pointing to positive momentum. Additionally, the Relative Strength Index (RSI) reading is above 55, indicating bullish sentiment and room for more upside. With both momentum oscillators flashing bullish signals, it underscores the upside potential for ApeCoin.

Support for APE is now seen at the previous resistance level of $1.80. Below that the next key support zone sits around $1.50. With the crypto now having broken out to new highs, there is likely to be strong buying interest around these areas on any pullbacks.

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Looking ahead, if bulls can maintain control, APE could see further momentum towards $3.00. However, the token is likely to face selling interest and profit taking around the psychologically-important $2.50 level. Traders may want to watch for a consolidation between $2.20 and $2.50 before APE makes its next major move.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.