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ApeCoin Breaks Support Levels and Targets $2.10 in Bullish Rally
December 22, 2024 – In a significant move, ApeCoin ($APE) has broken its support levels, sparking an upward momentum that is expected to take the cryptocurrency towards new heights.
As of press time, ApeCoin is trading at $1.23, having rebounded from the lower boundary of its ascending channel on the daily timeframe. The price action suggests a growing bullish sentiment among traders, with analysts projecting $1.67 and $2.10 as key targets for the asset’s trajectory.
The 50-day moving average (MA50) has emerged as a critical resistance level that ApeCoin must breach to confirm its upward trend. If successful, this breakout could fuel further growth and propel the cryptocurrency towards more substantial gains in the coming sessions.
Data indicates that the rebound from the channel’s lower boundary has been accompanied by moderate trading volume, indicating steady accumulation by market participants as the price approaches critical levels. This development is crucial in validating ApeCoin’s upward momentum.
Following this bullish move, analysts have identified potential targets for investors and traders. Initially, $1.67 serves as an immediate target, corresponding to the 0.236 Fibonacci retracement level. If successful, a further surge could propel ApeCoin towards the 0.382 Fibonacci retracement at $2.10.
Higher targets of $2.31 and $2.41 have also been identified by analysts, although these are subject to market conditions and should not be taken as investment advice.
Source: cryptonewsland.com
