ApeCoin price could go up 30% if it moves above this level.

ApeCoin (APE) price has recovered a crucial horizontal resistance zone and validated it as support. This could be the first leg of an extended bullish move.

Since the beginning of December and the implementation of staking, ApeCoin https://fr.beincrypto.com/prix/apecoin/ news has remained calm. However, on January 4, watchmakers Timex released 500 pieces of watches bearing the Bored Ape Yacht Club and Mutant Ape Yacht Club non-fungible tokens (NFTs).

Therefore, in addition to the physical watch, there will also be a digital version of the watch in the form of an NFT which will contain the user’s virtual avatar. At a minting cost of 1.5 ETH, the item was cancelled many reviews from the community.

ApeCoin recovers a crucial level

The price of APE has been on the rise since November 14, when it broke away from the horizontal zone of $3.40 (red circle). At the time, it seemed that the price of ApeCoin was going down. However, the subsequent bullish move made this breakout a mere detour. Typically, deviations of this type are often followed by significant increases.

On November 26, the APE price crossed the $3.40 horizontal zone and validated it as support on December 17 (green icon). All of these are considered bullish signs.

While the RSI’s move above 50 can be seen as a bullish signal, similar bulls (green circle) have not materialized in the past five months. Therefore, we cannot say for sure that the RSI is bullish.

But the most bullish signal comes from the break of a descending resistance line that has been in place for 150 days. While the breakout is not followed by significant upside movement, moves above such long-term patterns usually lead to sustained upside.

If the upward move continues, the main resistance area would be at an average price of $5.15, created by the 0.5 Fib retracement resistance level. Conversely, a drop below the ascending support line would mean that the breakout was not legitimate.

APE/USDT – Source: TradingView

Price Forecast: Will the Rise Continue?

The technical analysis for the four-hour period shows that the APE price has been following an ascending support line since November 13th. The line has been validated numerous times (green icons), most recently on December 30th, catalyzing the current bullish move.

ApeCoin price also seems to have broken away from a descending (dotted) resistance line. But its exact slope is unclear due to the presence of many wicks. The break can therefore not be confirmed.

However, the fact that the Bee coin price has moved away from a long-term descending resistance line in the daily time frame makes this short-term breakout more likely.

Also, the ascending support line combined with the $4.32 resistance zone creates an ascending triangle, which is considered to be a bullish setup. A potential breakout of this triangle should lead the asset’s future price towards the previously described $5.15 resistance zone.

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APE/USDT – Source: TradingView

In conclusion, while the long-term APE price analysis is still unclear, the most likely short-term move is a breakout towards $5.15. On the other hand, a close below the current ascending support line would invalidate this bullish assumption and likely send the APE price to new lows.

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