Apecoin prices are down by over 4 per cent in today’s trading session. Today’s drop also sees the cryptocurrency wiping yesterday’s gain. However, the prices are likely to see a recovery and start a new bullish trend.
In the past 24 hours, the cryptocurrency has seen its trading volume increase by over 25 per cent. This is despite it being in a strong bearish move. The gain in trading volume, however, is likely to have an impact on the markets as the trading session progresses. There is a very high likelihood of the prices becoming bullish within the trading session. Currently trading at $11.2, it is likely that the prices will close today’s trading session above its opening price of $11.0055.
Looking at the four-hour chart below, we can see the prices of Apecoin have recently touched the ascending trend line. We can also see that the current trend for the past few days is bearish, and since April 14, the cryptocurrency has dropped over 17 per cent.
Using the chart, it is likely that the prices are in the process of a trend reversal to the upside. This is because, every time the prices have touched the trendline, a new bullish move ensues. The chart shows the prices have recently touched the trend line and a new bullish move has been established.
Therefore, my Apecoin price prediction expects the prices to continue with the upward trend. There is a high likelihood of the bullish trend rising and hitting the $12.83 resistance level. If the price surge will have enough momentum, it is likely that the prices will trade above the resistance level, and likely hit the $15 resistance level.
However, there is also a likelihood that the prices may fall below the ascending trendline. If that happens, then my trade analysis will be invalidated. It will also mean the prices are still in a strong bearish move and a push to the downside, likely below $10 is imminent.
This post was last modified on Apr 18, 2022, 13:55 BST 13:55