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The ApeCoin market has experienced a prolonged downward retracement, leading to a price drop to a five-month low. Following this, the rebound caused price action to break through the ceiling of the previous downward price channel, prompting efforts to reach higher levels.
Key APE Statistics:
Current ApeCoin Value: $1.377
ApeCoin Market Cap: $506,711,497
Circulating Supply of APE: 368,593,750
Total Supply of ApeCoin: 1,000,000,000
APE CoinMarketCap Ranking: 75
Key Price Levels:
Resistance: $1.377, $1.450, and $1.550
Support: $1.350, $1.300, and $1.250
APE Traders Are Turning Bullish
As previously mentioned, price action in the ApeCoin market has maintained an upward trajectory since breaking out of the previous downward-sloping price channel. Additionally, about four sessions ago, price action surpassed the 78.60 Fibonacci Retracement level, seemingly establishing a new support above this level.
Moreover, the two sets of the Guppy Multiple Moving Average (GMMA) curves have recently intersected. Furthermore, the Relative Strength Index (RSI) indicator lines are converging for a bullish crossover in the oversold region, suggesting the potential for increased upward momentum in this market.
ApeCoin Sets Sail Towards the $1.500 Mark
Reviewing the APEUSDT 4-hour market timeframe, it’s evident that the most recent session has continued on an upward trajectory. Although it has yielded smaller profits than the previous session, it maintains a significant bullish stance.
The ongoing session has been initiated above the two sets of the GMMA curves. Additionally, the RSI indicator lines continue to trend upwards from below the 50 indicator threshold, indicating a likelihood of extending the upward retracement towards the $1.500 mark.
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