ApeCoin’s slump from the early August 2-month peak secured an impressive bounce-back zone at the baseline of $4.2. The rebound triggered a bullish setup on the 4hr chart while setting grounds for a short-term optimistic case. After finding a spot beyond the 20-50-200 Exponential Moving Average, APE displayed a magnified bullish momentum.
However, the alternative token saw a brief reversal from the resistance at $5.6. Bulls maintaining their momentum beyond the support of $5.4 would see the BAYC-related coin extending the current bull run. APE traded at $5.516 during this publication, following an impressive 15% surge within the past day.
ApeCoin 4Hr Timeframe
APE saw a steep dip after wavering around its 10-week peak, slumping towards the multi-month foothold at $4.2. Another 45% drop from August highs welcomed an intensified dip beneath the 20-50-200 Exponential Moving Average.
With the support at $4.2 offering a chance for the bulls to revive, ApeCoin recorded a more than 40% return on investment before forming a dependable flagpole for the bullish pennant. As a result, the bullish crossover on the 20-59 confirmed the buying momentum within the past few hours. The Exponential Moving Averages remained northbound as the indicated possibilities of sustained uptrends.
Failure of sellers to close beneath the nearest support might trigger short-term compressions near the $5.4 – $5.6 territory. A closing beyond the ceiling at $5.6 would affirm buying signal. That would place the targets at the $5.9 – $6 value area.
A closing beneath $5.4 would suggest a short-term drop before stable uptrends. Meanwhile, buyer weakness would lead to pullbacks toward the 200-Exponential Moving Average before plausible rebounds.
The RSI confirmed a bullish superiority while the indicator reversed from its oversold region. Extended growth might plateau at around 70 in the upcoming sessions. Meanwhile, MACD’s northbound inclination welcomed a closing beyond zero while exhibiting increased buying strength. A reliable close beyond zero by the signal line would see the altcoin generating more returns for buyers.
Considering the optimistic pennant breakout past the 20-50-200 Exponential Moving Average, APE placed itself within bullish territory. Buyers would plan to retain their edge following double-digit daily upticks on higher volumes. Nevertheless, investors should watch the discussed entry triggers. Also, broad market sentiment plus on-chain assessment is essential for profitable undertakings.
Editorial credit: photo_gonzo / shutterstock.com
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