ApeCoin [APE] has shown signs of recovery, recently breaking out of a descending channel pattern on its daily chart, sparking hopes for a bullish reversal. After experiencing significant selling pressure earlier, APE saw a promising 52% rally over the past week and briefly touched the $0.87 resistance level.
However, the question remained: Can the bulls sustain this momentum, or will we see a period of consolidation? APE was trading around $0.818 at the time of writing, up by approximately 11% in the last 24 hours, indicating a potential shift in sentiment.
APE's recent breakout from its descending channel pattern marked a crucial shift in sentiment. This breakout has raised hopes for a bullish reversal, but a push above the $0.87 level is crucial to sustaining the momentum and potentially targeting the 200-day Exponential Moving Average (EMA).
The article will analyze the current price action and key levels to watch as the ApeCoin bulls attempt to maintain their momentum and capitalize on the recent bullish breakout.
Source: https://ambcrypto.com/apecoin-bulls-reclaim-key-levels-and-that-means/
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