ApeCoin (APE) has made a significant surge in value, jumping 11.94% in one day to reach $1.86 at press time. The cryptocurrency’s price increase is accompanied by an impressive 95.76% spike in trading volume.
The recent breakout from a symmetrical triangle pattern on the weekly chart suggests that APE may have entered a new bullish phase. If the resistance at $2.30 can be overcome, further upward momentum could be triggered. However, traders need to remain cautious as any failure to break through could lead to a quick reversal.
ApeCoin’s technicals show strong market sentiment, with the Stochastic RSI reading 90.79, indicating that APE is in overbought territory. Despite this, investors remain optimistic about the cryptocurrency’s potential for further gains.
The recent price surge is supported by increased investor activity, as evidenced by a 22.78% increase in NA Change, 36.89% increase in AA Change, and 71.76% increase in ZBA Change over the past 7 days.
Short liquidations stand at $33.67k, while long liquidations are significantly higher at $122.24k, reflecting a prevailing bullish sentiment. However, this imbalance also creates potential risk for a sharp reversal if market sentiment shifts.
The surge in open interest to $130.24M is a strong sign that traders are betting on ApeCoin’s further gains. This increase suggests that confidence remains high, and ApeCoin could see additional price movement if the bullish trend persists.
Ultimately, whether ApeCoin can break through the $2.30 resistance will determine its next phase of market movement. If successful, it could trigger a fresh rally in the cryptocurrency space.
Source: https://ambcrypto.com/ape-jumps-11-94-in-one-day-is-2-30-the-next-target