ApeCoin Price Prediction: This simple strategy will tell if you should buy APE
- ApeCoin price is getting squeezed between the 10-day and 30-day EMAs
- Traders can capitalize on a swift rally to $5.71 and potentially $6 if APE breaks out.
- A daily candlestick close below $4.20 will invalidate the bullish thesis.
ApeCoin price prepares for a quick run-up after breaking out of a significant hurdle. Patient investors are likely to be rewarded on APE’s next move.
ApeCoin price ready to rip
ApeCoin price has produced a higher low between June 15 and July 13, but the upside remains capped due to the 30-day and 25-day Exponential Moving Averages (EMAs). The former EMA has kept APE subdued since its first dip below it roughly two months ago.
Hence, a swift breakout above this hurdle is more than likely to trigger a buying spree in ApeCoin price, triggering a run-up. In such a case, investors can expect APE to rally 17% to retest the $5.71 resistance barrier.
In some cases, this move could extend higher to retest the $6 psychological level, bringing the total gain to 22%. If ApeCoin price manages to flip the $5.71 resistance barrier into a support floor, the chances of APE bulls revisiting the $6.40 ceiling improve vastly.
APE/USDT 1-day chart
While things are leaning toward a bullish breakout, investors need to pay close attention to potential rejection. If ApeCoin price produces a daily candlestick close below the $4.20 support floor, it will create a lower low and invalidate the bullish thesis.
In such a case, investors can expect ApeCoin price to revisit the $3.73 foothold.
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.
