$APE Long: Entered at $0.90, targeting $3.785 for a potential long-term reversal trade.
1. Breakout Above Key Moving Averages: $APE has broken through critical moving averages (MA60, MA120, and MA200) and cleared the key resistance at $0.865 with impressive strength. This is a classic signal of bullish momentum and a potential long-term reversal unfolding.
2. Volume Surge: A substantial spike in volume confirms the breakout and indicates strong buying interest. This volume surge supports the reliability of the rally, signaling that it’s not just a short-term pump, but potentially something much bigger.
3. RSI Showing Strong Momentum: While RSI(6) is overbought at 73+, RSI(24) remains neutral, leaving more room for upside. This divergence suggests we may see continued bullish momentum in the near term.
4. Double-Bottom Pattern: The recent rebound from the $0.47 low suggests a double-bottom pattern forming, a strong indicator of a potential reversal. With the ApeChain and ecosystem announcements adding fuel to the narrative, the technicals align with a long-term bullish shift.
Plan:
Stop Loss: $0.80
Price Target: $3.785
This move is supported by the convergence of strong technical indicators, the excitement surrounding ApeFest, and the hyped ApeChain launch. With volume and momentum building, this could very well mark the start of a significant long-term reversal. Time to ride this wave and see where it takes us!
