Apecoin Price Prediction: APE bulls are nearing a difficult hurdle that might be too high to jump

Apecoin (APE) price is having one of its best weeks for the year as bulls are pushing price action firmly higher. The risk is that with the several central banks coming out next week, some hawkish comments could trigger a massive headwind for Apecoin price, or a technical rejection could push price action back towards the first descend support. And there lies a problem: the only decent support is over 30% lower.

Apecoin price could see bulls turning into Icarus

Apecoin price sees bulls pushing price action firmly higher this week, eking out a sixth positive week and not letting any hiccup slip into the price action for 2023—all good news, and why not take part in the price action much quicker. But there is a double risk to the upside as the next couple of weeks are set to be very eventful with big central banks, heavy economic data and geopolitics building up again. 

APE could collapse under one of those headwinds or could undergo a technical rejection against $7.42, which was the peak of August 2022. Price action would go in search of support which would not be seen until at least $4.40, near the 55-day Simple Moving Average. The 200-day SMA can not be trusted because last week, in decline, it did not hold support and gave way to bears for pushing price action further down.

APE/USD weekly chart

Traders that want to be part of this rally will have to wait for either support or will need to wait for a breakout trade above $7.42; with the new pivots for February probably further apart, it would make sense to wait for those to see where the next anchor points and support will be found. From previous performances, $10 should be in the cards for February.