ApeCoin price consolidates before a major price move

ApeCoin (APE) is a bit of an outlier versus major cryptocurrencies as price has taken a slight turn to the downside, while Bitcoin and Ethereum have been popping higher since last weekend. APE price has been on the verge of breaking below the green ascending trend line the past few days but sees neither bulls nor bears trying to dictate price action as the Relative Strenght Index (RSI) is flatlining. Expect a bullish breakout towards $15.74 with current tailwinds soon to be materializing in APE price action.

ApeCoin price awaits tailwinds to materialize 

ApeCoin price hit the 78.6% Fibonacci level at $15.74 but failed in the making as investors are putting more money in significant cryptocurrencies and stocks, where altcoins like APE are still yet to prove their track record. With interest fading, both demand and supply are drying up with the RSI flatlining, pointing to a balanced equilibrium between both parties. It comes as no surprise that price action is crossing along the green ascending trend line during the ASIA PAC session, awaiting a sense of direction.

APE price is nevertheless set for a bullish breakout as global markets are on the front foot and are frontrunning a positive outcome in the Ukraine-Russia situation. With stock markets up over 1% intraday, expect this positive mood to spill over into ApeCoin. This will lift price action in favor of bulls, with the RSI ticking up above 50 and could see APE price swing back to $15.74 and be on the cusp of closing above the 78.6% Fibonacci level.

APE/USD 4H-chart

With price action hovering around that green descending trend line past 12 hours, the risk could be that price fades away a bit too wide to the downside, and could see bulls swinging to the sell-side to cut their losses or take rapid profit, which would spiral into a quick sell-move. That would mean APE price to retrace back to $12.85 and near the 50% Fibonacci at $12.63. With that move, the RSI would dip below 50 and see bulls awaiting the 38.2% Fibonacci level at $1.34 to show up before getting in long again.