ApeCoin

Date: Mon, Dec 02, 2024, 12:18 PM GMTThe cryptocurrency market continues its bullish momentum, with altcoins gaining ground as Bitcoin&#39;s (BTC) dominance declines. BTC dominance has dropped to 56.92% from its recent peak of 61.53%, providing a favorable environment for <a href="https://coinsprobe.com/xrp-becomes-third-largest-cryptocurrency-after-massive-pump-what-to-expect-ahead/" rel="noopener noreferrer nofollow">altcoins </a>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8e4fe24867ad4c059c7385cb149d1099.png" />Source: Coinmarketcap<h3 id="major-breakout-on-the-horizon">Major Breakout on the Horizon</h3>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d24e9fea245944b998273b3f564cb054.png" />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&#39;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&#39;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.<h3 id="what-to-expect-ahead">What To Expect Ahead?</h3>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&#39;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 rally.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.Also Read: <a href="https://coinsprobe.com/cardano-ada-pulls-back-to-key-support-following-correction-can-it-bounce-back/" rel="noopener noreferrer nofollow">Cardano (ADA) Pulls Back To Key Support Following Correction: Can It Bounce Back?</a>

Apecoin (APE) Showing Potential For Major Breakout: What To Expect Ahead?

Table of Contents

CoinsProbe

Other articles published on Dec 2, 2024

Ancient8 Secures Optimism Grant to Empower Builders and Transform Onchain Gaming (2 Dec)

Mercado Bitcoin Launches MBRL Stablecoin Pegged to Brazilian Real on the TRON Blockchain

Singapore Gulf Bank Plans $50M Fundraising for Stablecoin Payments Acquisition

Romania Taps Blockchain Technology for Its Electoral Processes

Bybit CEO to Discuss Improving Bitcoin Accessibility in the UAE at Bitcoin MENA (2 Dec)

MicroStrategy ups Bitcoin total to $38b

Join our free newsletter for daily crypto updates!