ApeCoin price is on pace for more gains; here's the scenario to be aware of

ApeCoin price is outperforming most cryptocurrencies in the space. If the uptrend is genuinely valid, certain levels must be breached, followed by a three-wave consolidation phase. 

ApeCoin price could continue higher but be careful

ApeCoin price has shown an impressive retaliation following the dreadful crypto crash that occurred in mid-June. The bulls managed to catapult the APE price 50% higher from the low marked at $3.11. Today, APE price trades just below the newly established swing high at $4.35. 

The bears must show a strong impulse to move below Monday's low of $3.11.They are technically still in control of the overall trend. If the sellers fail, the next rally could send prices to complete the first wave of a larger counter-trend rally for ApeCoin price.

If the ApeCoin price does continue higher, the $ 5.00 and $6.00 zones will be the probable targets. After these targets are breached, traders should look for a three-wave correction. If the bulls can provide more upside after the correction ensues, then the highly anticipated APE coin recovery rally will be underway. The targets for this scenario are $8.00, $10.50, and even $12.00.

APE/USDT 6-Hour Chart

The alternative scenario is what traders must be aware of. APE price still has the potential to fall into a disastrous $2.00 target. Traders should allow the overall downtrend to be invalidated before placing an entry. The invalidation is $6.15. If this level is breached, the $12 target should be confidently on the table, resulting in a 150% increase from the current ApeCoin price.