Date: Mon, Dec 02, 2024, 12:18 PM GMT
The cryptocurrency market continues its bullish momentum, with altcoins gaining ground as Bitcoin's (BTC) dominance declines. BTC dominance has dropped to 56.92% from its recent peak of 61.53%, providing a favorable environment for altcoins to shine.Among these, Apecoin (APE) is coming into the spotlight due to its significant weekly performance and showing significant potential for a major breakout.
Source: Coinmarketcap
Major Breakout on the Horizon
Apecoin (APE) has been consolidating within a falling wedge pattern for over two years. This technical setup is often considered bullish, as it indicates a buildup of momentum before a potential breakout. $APE has respected its lower support levels while repeatedly testing the wedge’s descending resistance.
A breakout from this resistance line, with confirmation above $1.78, could trigger a rally toward the first key resistance level of $2.66, marking a 50% gain from its current price. If the bullish momentum sustains, further resistance levels at $6.41 and $7.71 may come into play, signaling a significant recovery from APE's historic lows.
With the Relative Strength Index (RSI) currently at 64, APE has room for further upward movement as it builds bullish momentum in an environment increasingly favorable for altcoins.
The chart's Relative Strength Index (RSI) is currently at 64, suggesting a growing bullish momentum without yet being overbought. This indicates room for further upward movement.
What To Expect Ahead?
Apecoin (APE) is showing strong early signs of a bullish breakout, with the potential to hit key resistance levels soon. If APE successfully makes a breakout, it could gain momentum toward higher price zones, supported by the wedge breakout pattern.
As Bitcoin's dominance continues to decrease, the broader altcoin rally may provide the perfect backdrop for APE to capitalize on its current technical setup and stage a strong recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a financial advisor before investing in cryptocurrencies.
