Buyers rejoined the marketplace near the $10.7 level after the massive drop in April’s initial week, reviving the alternative token for the multi-weekly lows. Unlike most of its al pears, APE registered impressive performances within the past couple of days.
ApeCoin formed a climbing wedge recovery of its daily price charts as APE buyers controlled the current bias. That saw the alt outshining top metaverse tokens like MANA, AXS, and SAND in market cap.
For now, sellers would likely plan to halt the recovery rally that had ApeCoin exploring new ATHs. Meanwhile, buyers should dominate the current rising wedge’s boundary to avoid immediate downtrends. While writing these lines, ApeCoin traded at $20.84, reflecting an 8.59% surge over the previous 24 hours.
ApeCoin Daily Chart
ApeCoin has attracted the public eye since the BAYC introduced the governance coin (APE) on March 17. The token traversed inside the $10 – $15 range for more than one month. The range-bound actions followed the exponential surges post its inception.
The latest upward break past $14 witnessed several bullish engulfing candlesticks on the daily chart. ApeCoin fetched a more than 92.68% ROI within the past 16 days. The hype surrounding Bore Ape Yacht Club’s awaited metaverse project “Otherside” somewhat propelled the rising wedge uptrend for ApeCoin.
The surge saw the altcoin testing the Bollinger Bands’ topside band over the previous week. As ApeCoin stretches its increased volatility phase, upcoming days might witness possible slowdowns on the price charts.
Reasoning
The Relative Strength Index advanced into the overbought region. The indicator might witness reversals in the coming days, easing the prevailing buying spree. Moreover, the Aroon Up remains on a roll after hitting the 100% level four times last week. So, a possible weakness in the upcoming days might offer sellers adequate strength to halt APE’s discovery phase.
Final Thought
Considering the climbing wedge setup (reversal) formed along with oversold conditions on the RSI and BB, ApeCoin will likely see a pullback in the coming days. That would see the range at $14 – $16, offering the closest testing support for APE buyers. Nevertheless, traders and investors should consider on-chain developments and broad market sentiment for profitable actions.
