Apecoin is up over 13% on Tuesday despite bearish sentiment largely remaining in cryptocurrency markets. The token remained close to a monthly high in today’s session despite the current market turmoil. Stellar was also in the green, nearing a four-week peak.
Apecoin (APE) was one of the big climbers on Tuesday, with the token surging as much as 13% in today’s session.
After a low of $5.12 earlier in the week, APE/USD surged to an intraday high of $6.12 earlier today.
The move saw the coin scale above a key resistance level of $6.00, nearing a four-week high in the process.
APE/USD daily chart
Earlier gains have faded somewhat as the 14-day Relative Strength Index (RSI) collided with an apparent ceiling.
As of this writing, the index is trading at 55.64, which is below its current resistance point of 58.50.
It appears that previous bulls have locked in profits and closed positions and may be awaiting tomorrow’s rate decision before possibly re-entering the market.
Like Apecoin, Stellar (XLM) has been in the green for today’s session, with bulls pushing it closer to a one-month high.
On Tuesday, XLM/USD traded at a high of $0.1158 less than 24 hours after hitting a low of $0.1047.
As a result of today’s rally, the token is now near a resistance point of $0.1160, which has been in place since August 19th.
XLM/USD – daily chart
To move past this point, XLM would likely need to register gains on the RSI, which is currently being held up by a resistance point.
That ceiling appears to be the 58.00 level, also seen since mid-August.
If there is a breakout, bullish sentiment is likely to return, with traders attempting to push the token towards $0.1200.
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Could we see a stellar increase to this point over the next 24 hours? Let us know your thoughts in the comments.
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
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