The week might be kicking off to a good start with major cryptocurrencies like Bitcoin and Ethereum recovering most of the losses from Friday (17th of January).
However, one overlooked token that looks like it’s about to test old highs is ApeCoin. The web3 token’s price has been bouncing off an important area of support (the black trend line) since Monday last week and a reversal is now seeming more likely.
If you switch to a shorter time frame, you’ll notice that price has rejected that dynamic level of support twice already this month. A price break above the most recent swing high (1.213) might confirm to traders that we are in the early stages of an upward reversal.
For now we wait until price creates at least two impulse moves in the upward direction and then look for entry opportunities on a pullback.
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