ApeCoin price is in a dangerous uptrend scenario, here’s why
- ApeCoin price has completed the 4th leg of the symmetrical triangle.
- APE price is at a key Fibonacci level.
- Invalidation of the bullish outlook is a dip below $10.66.
ApeCoin price is treading treacherous waters as the price has rallied 20% this week. Overzealous traders should be aware of the macro outlook on APE price.
ApeCoin price could fool many traders
ApeCoin price has delivered more confluence of a symmetrical triangle formation following this week’s 20% rally from the $0.10 lows. Now ApeCoin price is in a make-or-break zone as symmetrical triangles can be broken in either direction. The ApeCoin price is headed for wave E, the final wave historically known for fooling traders.
ApeCoin price uptrend momentum has yet to show any true weakness, as the price blew past and closed above the 38.2% Fibonacci level surrounding Wave C to D at $12.31. The ApeCoin price fluctuates at $12.66, just under the strong 50% Fib level. The Relative Strength Index has not displayed any sign of weakness for the uptrend, and there is a slight uptick in the volume profile.
APE/USDT 8-Hour Chart
With all these factors in mind, traders should continue to watch the APE price closely as a more uptrend towards $13.46 and even $14.30 is possible. However, the first sell signal should be taken seriously. The safest invalidation of the ApeCoin price uptrend is $10.66.
If $10.66 gets touched, analysts will look to short ApeCoin price to $6.00, resulting in a 50% dip from the current APE price.
Author
FXStreet Team
FXStreet
