ApeCoin Price Forecast: APE presents a buying opportunity before 65% rally
- ApeCoin price trades around $1.73, which is a critical juncture that could trigger a volatile move.
- A decisive breakout could trigger a 22% rally that could extend and result in 65% gains.
- On the other hand, a breakdown of the uptrend and production of a lower low below $1.60 will invalidate the bullish thesis for APE.
ApeCoin price currently sits at an extremely important level that could make or break APE holders’ wallets. Investors need to be extremely cautious due to the uncertain nature of Bitcoin price, which seems top-heavy.
Also read: ApeCoin price gains at risk as on-chain metrics turn bearish
ApeCoin price at crossroads
ApeCoin (APE) price has been struggling to overcome the $1.73 hurdle for nearly three weeks. This level is the midpoint of the $0.953 to $2.12 range, created in mid-August. With Bitcoin price moving sideways, altcoins have a chance of triggering a bullish breakout.
If ApeCoin price can produce a clean flip of the $1.73 hurdle into a support floor, it could kickstart a 22% upswing to the range high of $2.12. A surge in buying pressure at this point could catalyze a breakout from the rangebound movement and extend the uptrend by 37%.
The Relative Strength Index (RSI) is approaching the midpoint of 50, suggesting that the bullish momentum is cooling off and has a chance of bouncing from here. The same can be seen with the Awesome Oscillator (AO).
Read more:
APE/USDT 1-day chart
However, if ApeCoin price fails to produce a decisive flip of the $1.73 support level, it could slide lower and tag the $1.60 support level. A breakdown of this level in the four-hour time frame will create a lower low and invalidate the bullish thesis.
In such a case, ApeCoin price could revisit the range low of $1.34 after a 16% downswing.
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.
