ApeCoin price at a turning point, traders beware
- ApeCoin price shows attempts at recovery as it hovers above the $3 psychological level.
- If this trend continues, APE could bounce 40% and tag the immediate hurdle at $5.02.
- A daily candlestick close below the $3 psychological level will invalidate the recovery thesis.
ApeCoin price is trying to recover after a brutal sell-off below its listing price. This bounce could be key in pushing APE higher along with the many other altcoins that are in recovery mode.
ApeCoin price shows resilience
ApeCoin price has crashed 88% from its all-time high at $27.49. This downswing took less than 50 days, which has left APE trading below its listing price at $5.02. The massive selling pressure has come as a result of the bearish market structure as well as some more pessimistic developments.
While ApeCoin price’s crash pushed it close to the $3 psychological level, it failed to retest it. The recovery seems to have begun prematurely. As a result, APE is consolidating, hoping for a quick rebound.
The only hurdle ApeCoin price will face is the $4 psychological level, a clearance of which will allow APE to retest the listing price at $5.02. In total, this move would constitute a 40% ascent from the current position at $3.57.
While the upside is most likely capped at the aforementioned level, the chances of a further climb could be possible if the market conditions are conducive. In such a case, APE could retest the $6.09 hurdle, bringing the total run-up to 70%.
APE/USDT 1-day chart
Although the recovery outlook might seem plausible, a daily candlestick close below the $3 psychological level will invalidate the bullish thesis. In such a case, ApeCoin price will enter price discovery mode and revisit the $2.50 level.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
