Investors, especially those trading in the futures market, consider technical analysis as an important indicator that needs to be constantly monitored in the cryptocurrency market. With ApeCoin currently trading at $1,720 and Blur at $0.5984, what clues does technical analysis provide for these two cryptocurrencies?
ApeCoin has an interesting formation that creates a rising channel on the four-hour chart. This formation has formed an important structure with touches on support and resistance lines, enabling investors in the futures market to implement a serious strategy. APE has pleased its investors by breaking the resistance level with the rise that started on November 25th.
The most important support levels to be followed for ApeCoin on the four-hour chart are determined as $1,682, $1,644, and $1,608, respectively. Especially if the four-hour candle closes below $1,682, APE will enter the formation zone and lose its upward momentum.
Similarly, attention should be paid to the resistance levels of $1,752, $1,801, and $1,847 for ApeCoin. If the four-hour candle closes above $1,752, APE price will gain momentum.
Blur, on the other hand, is a team that has made a name for itself with successful projects and allocating 200 million tokens as a second season airdrop reward to users. On the hourly chart, a rising channel formation is observed with touches on the support line with the closing of the last bar, indicating a short-term process for the price of BLUR. The most important support levels to be followed for BLUR on the hourly chart are $0.5915, $0.5723, and $0.5531, respectively. Especially if the hourly candle closes below $0.5915, the formation structure will be disrupted and selling pressure will emerge in the short term.