ApeCoin (APE) Eyes Bullish Breakout and Targets $1.35

As BTC has passed its resistance at $105k and propelled the overall market to turn a bearish trend into a bullish one.

ApeCoin (APE) is seeing some positive price action in the crypto space and seeing an increment in the price with the overall market. As BTC has passed its resistance at $105k and propelled the overall market to turn a bearish trend into a bullish one. Both traders and investors are closely watching the coin and if it manages to break out of the pattern then it will lead to maximum price targets.

Currently, APE is trading at $0.6539 with a 24-hour trading volume of $56.72M and a market cap of $492.1M. Its price over the last 24 hours is showing stability near key support, and over the last week it is up by 2.34% and showing signals for high potential for the next major rally.

Source: CoinMarketCap

APE Eyes Bullish Breakout and Targets $1.35

Moreover, crypto analyst highlighted that Coin is trading close to an important technical level, and its price action has created a classic rounding bottom shape on its daily chart, an arrangement that is generally accepted as an indication of a reversal to the upside.

The pattern only manifests after extended bear phases, showing a change of market psychology from bearish to bullish gradually. The rounding shape is formed as selling momentum falters, giving rise to sustained accumulation by potential bulls anticipating taking advantage of a change in direction.

Coin’s current position is close to the neckline, the top boundary that limits the structure, which is in itself an indication that this accumulation process may be coming to an end.

If APE is capable of breaching this neckline on high trading volumes, it may provoke significant upside action, setting up for an extended, staged rally. Traders are keeping an eye on four price levels that might act as resistance to the upside: $0.730, $0.860, $1.050, and $1.335.

These prices are based on past price action, Fibonacci levels, and former support-turned-resistance levels. Such a breakout is likely to draw retail and institutional attention, as well as biased sentiment towards the near-term prospects of the token.

Although rounding bottom is a sound pattern, confirmation is necessary. A false breakout can trap late buyers and result in an acute pullback, which means that both volume and market context become key considerations to observe. Nevertheless, as general altcoin momentum is building up gradually and interest is growing throughout the crypto market.