ApeCoin (APE) Analysis: Ascending Channel Points to $2.10 Target
- ApeCoin (APE) surged 17.52% in the past 24 hours, reaching $1.216614 amid Bitcoins recovery.
- An upcoming unlock of 15.6 million APE tokens on January 17th, representing 2.16% of the supply, is closely watched by traders.
- Technical analysis indicates APE trading in an ascending channel, with targets set at $1.67 and $2.10.
ApeCoin (APE) recently faced significant turbulence, experiencing a sharp decline amidst a broader market downturn. Over the past week, APE plummeted by 26%, driven by Bitcoins sharp fall, which triggered widespread fear and uncertainty across the cryptocurrency market.
The negative sentiment caused a cascading effect, pulling down altcoins, including APE. However, the market is now showing signs of stabilization as Bitcoin rebounds and breaks through key resistance levels, sparking renewed optimism among investors.
In this recovering environment, ApeCoin is benefiting from the markets bullish sentiment. Renewed interest in APE has led to a strong surge in its price, drawing significant attention from traders and investors alike.
At the time of writing, ApeCoin is priced at $1.216614, with a 24-hour trading volume of $363.76 million and a market capitalization of $915.69 million. APE currently holds a market dominance of 0.03%. Notably, the tokens price has increased by 17.52% over the past 24 hours, indicating a sharp recovery.
Adding to the anticipation, Coindar has reported that ApeCoin will unlock 15,600,000 APE tokens on January 17th, representing approximately 2.16% of the circulating supply. Market participants closely watch this upcoming event as token unlocks often influence price dynamics.
ApeCoin Targets $2.10 as Uptrend Gains Momentum
From a technical perspective, ApeCoin is trading within an ascending channel pattern on the daily timeframe. The price is currently bouncing off the lower border of this channel, signaling strength and potential for further upward movement. If APE manages to break above the 50-day moving average, upside targets are set at $1.67 and $2.10, suggesting room for substantial gains.
As the market sentiment continues to improve and Bitcoin maintains its upward trajectory, ApeCoin remains well-positioned to capitalize on this momentum, potentially paving the way for a sustained recovery and higher price levels.
Related | Is Bitcoins $92K Dip the Perfect Setup for a Bull Market?
Read more: https://www.tronweekly.com/apecoin-ascending-channel-points-to-2-10-target/
Text source: TronWeekly
