Apecoin (APE) Price Surges by Over 30% from All-Time Low
The price of Apecoin (APE) has experienced a significant increase of more than 30% since reaching its all-time low of $0.99 on October 9. This surge in price came after breaking out from a long-term descending resistance line. The question now is how long this upward movement will continue.
Apecoin Rallies After Hitting All-Time Low
On October 9, the APE price reached a new all-time low of $1 after an ongoing downward trend since January, when it hit a high of $6.42. This decline followed a descending resistance trendline. However, shortly after hitting the low, the APE price reversed its trend and began moving upward.
Price Breakout and Bullish Momentum
The APE price reclaimed the $1.10 horizontal area and reached a high of $1.39 on October 25. At the time of the breakout, the trendline had been in place for 260 days. Additionally, the daily Relative Strength Index (RSI) indicates a bullish reading, with the RSI increasing and staying above 50, signaling a bullish trend.
Analyst Predictions
Cryptocurrency traders and analysts are predominantly bullish on Apecoin. Analyst Sheldon_Sniper believes that APE can increase as high as $3.20 due to the breakout from the descending resistance trendline. Other analysts, such as DaanCrypto and Cryptowarrior01, also share a bullish outlook on APE based on shorter-term breakouts from horizontal resistances.
Price Prediction: Will APE Increase Above $2?
Technical analysts using the Elliott Wave theory suggest that APE has started a five-wave increase since its all-time low on October 11. If this count is correct, APE will complete its correction at the $1.22-$1.25 support levels before moving towards the $1.50 resistance area, representing a 15% increase from the current price.
Hot Take: Apecoin (APE) Shows Promising Signs of Recovery
The recent surge in the price of Apecoin (APE) after reaching an all-time low indicates a potential recovery for the cryptocurrency. Breaking out from a long-term descending resistance line and receiving bullish predictions from analysts suggests that APE may continue its upward movement. However, it is important to monitor the price closely and consider key support and resistance levels for more accurate predictions. With positive momentum and increasing investor interest, Apecoin has the potential to regain value and attract further attention in the crypto market.
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