The price of Apecoin (APE) shows strength after bouncing from a weekly low of $3.10 against Tether (USDT).
APE price has seen a relief bounce, with Bitcoin (BTC) rallying from a daily low of $19100 to a region of $23,000. (Data feeds from Binance)
Related Reading: Are Higher Lows A Sign of a Growing Bitcoin Bull Run?
Price Analysis Of APE On The Weekly Chart
From the chart, the price of APE saw a weekly low of around $3.10, which has formed support.
The price has built more momentum as it faces resistance at $10.
With a break above the $10 mark, the price of APE would rally to $12.
If the price of APE on the weekly chart fails to break the $10 mark, then a retest is bound at $6.7.
The volume shows decent buy bids, pushing the price of APE higher.
Weekly resistance for APE price – $10.
Weekly support for APE price – $6.7.
Price Analysis Of APE On The Daily (1D) Chart
The price of APE found strong support at around $3.4, with what seems to be the bottom on the daily chart.
APE has continued to rally above this support region of $3.4 to a high of $7.7, where it has faced resistance.
At the point of writing, the price of APE is at $7.4, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $6.2.
APE price would find support at $6.2, which corresponds with the daily 50 EMA if it drops due to weekend sell-offs.
If the 50 EMA region fails to hold the price, $5.2 would be a good support to hold sell-offs and for a possible bounce of APE price.
With more buy bids, we could see the price of APE retesting at $10, which has been resistance on the daily chart.
The RSI for APE price on the daily chart is above 65, indicating healthy buy bids for APE.
The volume also indicates positive signs for APE prices to trend higher.
Daily (1D) resistance for APE price – $7.7, $10.
Daily (1D) support for Apecoin (APE) price – $6.2, $5.2.
Price Analysis Of Apecoin On The Four Hourly (4H) Chart
The price of APE has shown great strength on the 4H chart after forming support at $4.22.
APE price has rallied from this region, forming a bullish uptrend channel on the 4H chart.
The price of APE was rejected at $9.10, which saw sell-offs.
APE price is $7.4, trading above the 50 & 200 EMA with prices of $7 and $6.1 on the 4H chart. These prices would act as support areas for APE on the 4H chart.
The price of APE has formed an upward trendline after rallying from a low of $6.50.
Four Hourly (4H) resistance for APE price – $8, $10.
Four hourly (4h) support for APE price – $7, $6.1.
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Featured image from NFT News Pro, Charts from TradingView.com