May 4 trading session saw ApeCoin rebounding from 0.786 FIB retracement zone ($14), witnessing a long bullish engulfing candlestick of 10% intraday uptick.
Meanwhile, the sudden price increase came after the Tesla executive changed his Twitter profile photo to include multiple Bored Ape NFTs. That had an APE price on a continued surge to print a double bottom setup.
Vital Points
- A potential double bottom breakout can see APE price surging 10%.
- The 20 Simple Moving Average flipped to a dependable support level.
- The altcoin’s trading volume stands at $2.9 billion, showing a 132% increase.
APE witnessed a significant retracement move within the previous four days as buyers failed to keep the alt beyond the $24 level. The BAYC’s token lost around 42%, dropping towards the 0.786 Fibonacci level at $14.
Meanwhile, ApeCoin retested the support floor at $14 twice, creating a double bottom setup on the 4hr chart. The chart setup positions its neckline near the resistance at $17.6, vital for a possible bullish run.
Moreover, APE rebounded from its $14 foothold on May 4, piercing the local resistance at $15.6. While publishing this blog, the alt traded at $16.1, reflecting a 3.51% intraday gain.
Buyers sustaining this breakout might see APE price rallying 8.6% to challenge the $17.6 neckline resistance. An optimistic move to this obstacle would offer interested traders a lucrative long-entry opportunity.
ApeCoin’s uptrends emerge as the broad crypto spectrum noted remarkable uptrends. While publishing this blog, the market capitalization of all digital tokens stood at $1.80 trillion, reflecting a 4.81% increase within the past day.
Bitcoin also witnessed a remarkable jump within the previous day, gaining 4.68% to $39,756.63. Bulls keeping the leg-ups would support APE surges in a short time.
APE Technical Indicators
The Vortex indicator displays a bullish cross to support more buying within the marketplace. ApeCoin price projects an upside mood as the price resonates inside the climbing 100 and 200 Simple Moving Average. Nevertheless, the 100 Simple Moving Average near the neckline resistance at $17.6 might stop APE from completing the pattern.
Resistance zones – $17.6, then $19.2
Support zones – $15.6, then $14
Editorial credit: David Esser / shutterstock.com
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