Apecoin price attaches its wagon to Bitcoin rally, primed to break above key hurdle at $4.60
- Apecoin price is still under pressure due to the rejection from the past weekend.
- APE traders are looking for some buying opportunities as the RSI is trading lower.
- Expect to see a higher spiral once Bitcoin tailwinds spill over into altcoins.
Apecoin (APE) price is primed for a pop higher as bulls are scooping up some decent discounts in APE’s price action. With APE still on the back foot after the technical rejection from the past weekend, a move higher looks inevitable as soon as the tailwind from Bitcoin spills over into altcoins. As the Bitcoin train powers through this week, APE traders can hitch their wagon onto that rally and pluck the fruit of the tag-along.
Apecoin traders soon to profit from Bitcoin ride-along
Apecoin bulls are looking for those bargains as price action is still subdued after it received a firm rejection over the weekend on the topside. The rejection came in the form of bulls burning their fingers at the 200-day Simple Moving Average (SMA) for the fifth time in a row. Though the fade broadened and slipped back below $4.40, some buying is ongoing as we speak.
APE could soon see the Bitcoin rally turning into a positive tailspin for its price action. With tailwinds set to kick in, APE traders could latch their ride at this Bitcoin rally and enjoy bigger profits in APE’s potential. Once Apecoin price breaks the 200-day SMA at $4.60, the next profit level is offered at $5.20 at the 55-day SMA.
APE/USD 4H-chart
An element advocating for more descent is that the RSI is still nowhere near any level to bounce off. With ample room to slide lower, APE price could tank as much as 10% to 15% before the oversold area is reached. Translated to the Apecoin chart, that would mean price action trading near $3.80.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
