- Bull flag pattern pointed to breakout towards altcoin’s $2.168 resistance
- At press time, netflows revealed a positive change of +$34.8k in just 24 hours
As a seasoned crypto investor with a knack for spotting trends and interpreting technical indicators, I find the recent performance of ApeCoin particularly intriguing. The bull flag pattern, the surge in large transaction volumes, and the positive netflows all point to a breakout towards the $2.168 resistance level.
Lately, ApeCoin has demonstrated positive signs of expansion, primarily due to an increase in trading activity and optimistic technical signals. Notably, its value increased by 3.24% within a day, reaching $1.61 during the time of this writing.
Regarding performance indicators, an increase in significant trade activities along with favorable inflows suggests a growing market optimism. Conversely, the presence of a ‘bull flag’ pattern on graphs hints at a potential push towards increased resistance points.
Consequently, numerous ApeCoin traders now expect an increase in the altcoin’s worth within the short term.
Large transaction volume continues to surge
The current activity surrounding ApeCoin is notable due to its high transaction volumes, suggesting significant investor attention. Over the past day, these substantial transactions totaled approximately $30.49 million, reaching a maximum of $38.22 million on December 10.
In recent times, this token has been frequently involved in substantial transactions, indicating increased interest from institutional and heavyweight investors.
It’s reasonable to assume that the increasing demand for ApeCoin, reflected by the market interest, has significantly influenced its rising cost. Particularly noticeable spikes have occurred towards the end of October and beginning of December.
ApeCoin netflows underline growing confidence
The increase in ApeCoin’s net inflows underscores growing trust in this token. Over the specified timeframe, there was a favorable shift in netflows amounting to approximately $34,800, and a substantial rise of around $8.82 million over the last week.
This increased activity indicates a growing interest in the altcoin, particularly since an influx of investors is transferring their funds into ApeCoin.
Over the last month, we’ve seen a significant upward trend in net inflows amounting to approximately $1.43 million. This substantial increase mirrors the surge in price and bolsters the positive sentiment surrounding ApeCoin.
Bull Flag pattern points to breakout
At the moment of composition, technical indicators were pointing towards a positive outlook for ApeCoin. For example, the 4-hour chart demonstrated a well-known bull flag pattern, suggesting that a breakout might soon happen. After the flagpole, there was a phase of consolidation where the price remained steady before surging above important resistance levels.
At $1.463, the Adaptive Volatility-Controlled Linear Moving Average (LSMA) has been functioning as a flexible area of support, helping maintain the structure before a potential breakout occurs.
If ApeCoin breaks above $1.66, this would confirm the continuation of the uptrend.
In simpler terms, the Relative Strength Index (RSI) was at 51.39, indicating a balanced momentum without any indications of the market being overbought or oversold, which means there’s still potential for further growth. Furthermore, the Awesome Oscillator (AO) displayed green bars, suggesting a mildly positive trend is in progress.
If this trend continues, the price might ascend towards the potential resistance of $2.168. But if it falls beneath $1.54, it could indicate a bearish shift aiming for the significant support at $1.32.
Long/Short ratio’s analysis
The examination of the ApeCoin’s long/short ratio likewise strengthened the argument for a price increase. Lately, the ratio increased to 1.10, suggesting that more traders are taking long positions compared to those who are short selling.
This shift in sentiment is a sign of growing bullish confidence in ApeCoin’s short-term prospects.
As market feelings continue to shift, a greater number of long positions compared to short ones suggests robust demand. If this pattern persists, ApeCoin’s price may potentially rise.
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2024-12-15 08:08