ApeCoin (APE) Eyes the $0.8000 Resistance

The ApeCoin market has seen another considerable price increase today. Prices have increased by an impressive margin of 10.32%. Yet, there are technical signs suggesting a possible further price increase. Therefore, let’s take a closer look below.

ApeCoin Statistics

Current Price: $0.733

Market Capitalization: $547.07M

Circulating Supply: [Missing]

Total Supply: 1B

CoinMarketCap Rank: 108

Key Price Levels

Resistance: $0.8000, $0.9000, $1.0000

Support: $0.7000, $0.6000, $0.5000

ApeCoin Sees a Notable Movement

Price activity in the APE/USDT daily market saw a sudden and notable dip in the previous session. This sharp downward retracement tested the support created by the middle Bollinger Bands. However, the baseline offered strong support to price action, which subsequently resulted in a strong rebound in the ongoing session. Consequently, the current session remains bullish, as indicated by the corresponding price candle.

Also, trading continues above the middle Bollinger Bands. The Bollinger Bands themselves appear tilted upwards, and their latter part seems slightly contracted. Meanwhile, the Smoothed Rate of Change (SROC) indicator line remains above the equilibrium level, with its terminal part now tending upward. This indicates that upside forces are still active and may lead to further price increases.

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APE Sees a Minimal Setback

The ApeCoin market on the 4-hour chart experienced a minor rejection in the previous session. However, price action remains above the middle Bollinger Bands. The most recent price candle is red, but the token continues to trade above the midpoint of the Bollinger Bands.

Similarly, the Bollinger Indicator remains on an upward trajectory. Meanwhile, the SROC indicator line stays above the equilibrium level. Although the trajectory of this indicator appears somewhat sideways, the fact that it remains above the equilibrium line offers cautious optimism for bullish participants, speculating that price action may reach the $0.8000 level.

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