Is ApeCoin price the sleeping giant you should be paying attention to?
|- ApeCoin price bulls go head to head with bears to defend important support at $6.00.
- Multiple buy signals from the SuperTrend and the TD Sequential indicators print out a bullish picture for ApeCoin price.
- Buyers must bring their A-game to deal with challenging resistance between $6.24 and $6.42.
ApeCoin price is taking a breather slightly above $6.20 after its uptrend got rejected from the selling pressure buildup around $7.50. Support at $6.00 will confirm stability in the market and create a conducive environment for investors to get back in the game and push for the much-awaited ascent to $10.00 and $20.00, respectively.
ApeCoin price is on the brink of reigniting the uptrend
The TD Sequential indicator has sent a buy signal on the daily chart. This call to go all-in on APE manifested in a red nine candlestick implying that the correction from $7.50 is losing momentum fast. Traders are often advised to place buy orders when the low of the sixth and seventh candles in the count is exceeded by the low of the seventh and ninth bars – something which has happened on the latest decline.
Another buy signal from the Super Trend indicator shows that bulls are the likely winners of the tug of war marginally above APE’s immediate support at $6.00. When this indicator turns green and begins trailing ApeCoin price, it means that odds are tipped in favor of an imminent uptrend.
APE/USD daily chart
A confluence formed by the 50-day Simple Moving Average (SMA) and the 100 SMA adds credence to the bullish narrative. Put in another way, ApeCoin price has a good chance of spiking above the resistance ($7.50) as opposed to extending the down leg to its immediate support at $3.50.
IntoTheBlock’s IOMAP model’s outlook contradicts the above bullish analysis by bringing to light a solid resistance between $6.24 and $6.42. Approximately 2,220 addresses previously bundled up 32.50 million APE tokens in this range.
As ApeCoin price strides to escape the bearish shackles, the same holders are likely to consider selling at their respective breakeven points, thus delaying or sabotaging the uptrend entirely.
ApeCoin IOMAP model
The Relative Strength Index (RSI) has formed a bearish divergence from the price, which could put APE in a precarious position where losses may overwhelm support at $6.00.
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