- Bull flag pattern indicates breakout towards altcoin’s $2.168 resistance
- At press time, net flows revealed a positive change of +$34.8k in just 24 hours.
ApeCoin has recently shown promising signs of growth, fueled by an increase in market activity and bullish technical indicators. In fact, the altcoin’s price increased by 3.24% in 24 hours to trade at $1.61 at the time of writing.
Indicator-wise, an increase in large trading volumes and positive net flows indicate strengthening market sentiment. On the other hand, a bull flag pattern on the charts hinted at a breakout towards higher resistance levels.
As a result, many ApeCoin traders now expect the altcoin’s value to rise in the near term.
Large transaction volume continues to rise
ApeCoin’s recent performance has been marked by large trading volumes, signaling strong investor interest. In the last 24 hours alone, large transactions totaled $30.49 million, peaking at $38.22 million on December 10.
Source: In the block
Over the past few months, the token has consistently attracted large transactions, demonstrating greater attention from institutional and high-volume investors.
This growing market interest likely contributed to the steady rise in the price of ApeCoin, particularly in late October and early December.
ApeCoin Net Flows Highlight Growing Confidence
The rise in ApeCoin net flows further highlighted the growing confidence in the token. During the aforementioned period, net flows saw a positive development of +$34.8k, with a significant increase of +$8.82k over the past week.
These moves are a sign of increased demand for the altcoin, especially as more investors are now moving funds to ApeCoin.
Source: In the block
The broader trend over the past month revealed net flows totaling +$1.43 million – a figure that strongly aligns with rising prices, reinforcing the bullish outlook for ApeCoin.
Bull Flag Pattern Indicates Breakout
At the time of writing, technical indicators were also signaling a bullish outlook for ApeCoin. For example, the 4-hour chart highlighted a classic bull flag pattern, showing that a breakout may be occurring. The flagpole is followed by a period of consolidation, during which the price stabilizes before breaking above key resistance levels.
The Volatility-Controlled Adaptive LSMA at $1.463 acted as a dynamic support zone, keeping the structure intact in the event of a breakout.
If ApeCoin rises above $1.66, it would confirm the continuation of the uptrend.
Source: Tradingview
The Relative Strength Index (RSI) stands at 51.39, showing neutral momentum with no signs of overbought or oversold conditions, leaving room for more gains. Additionally, the Awesome Oscillator (AO) flashed green bars – a sign of slight positive momentum.
If this trend continues, the price could rise towards the resistance level of $2.168. However, a break below $1.54 could signal a bearish reversal towards the major support level of $1.32.
Analysis of the Long/Short ratio
A long/short ratio analysis for ApeCoin also supported the case for an upward move. The ratio recently increased to 1.10, indicating that long positions have outpaced short positions.
Source: Coinglass
This change in sentiment is a sign of growing bullish confidence in ApeCoin’s near-term outlook.
Even though market sentiment remains fluid, a higher long-to-short ratio indicates strong buying interest. This could push the price of ApeCoin higher if the trend continues.
