Apecoin returns 18% in a day – How lasting can the gains be?

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• Apecoin’s APE has gained 18% in a day as cryptos turn up

• Apecoin token rose to almost $28 in April after token airdrop

• Key breakout positions APE to further gains

Apecoin APE/USD debuted with a lot of hype in March this year. Despite the rest of the market subdued, APE rose strongly to test a high of almost $28. The gains happened as investors rushed to secure windfall gains. Apecoin now remains in the trenches as token trades at single digit prices. This thesis finds APE a strong cryptocurrency as bullish indicators emerge.

APE rose by 18% in 24 hours at press time, with gains in the week now at 25%. The gains happen across the sector, but very few coins have staged strong gains as APE. We believe APE’s bullish momentum is starting out after key breakouts happen.

Apecoin blasts past a key resistance as the price turns bullish

Source – TradingView

Technically, APE is bullish. The cryptocurrency blasted a key resistance of $5.1 on Monday, which previously held it back. The MACD indicators also support a bullish view. With the breakout, it confirms a potential lasting bullish momentum. But here are the two potential buy zones.

The first buy zone is the $5.1 resistance-turned-support. As APE surged, it met another resistance at $6.0. That makes the token susceptible to another drop. If that happens, APE will retreat back to $5.1, which is now our reference support. The second buy zone is $6.0. The buy entry will become active if APE manages another breakout. We need to watch the price action for a potential entry. The next resistance levels for APE are $7.2 and $9.0.

Summary

APE coin has breached a key resistance at $5.1. It has hit another resistance at $6.0. Investors should buy on a retracement to $5.1 or another breakout past $6.0.

The post Apecoin returns 18% in a day – How lasting can the gains be? appeared first on CoinJournal.

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