- APE price has produced one impulse wave up.
- ApeCoin price hovers above key Fibonacci levels, which could be viewed as a display of strength.
- Invalidation of the uptrend scenario is a reach below $3.08.
ApeCoin price could start moving violently upwards. Traders should keep their eyes on the digital asset to partake in the move.
ApeCoin price hints at reincarnation
ApeCoin price could be an early mover within the crypto market, as the technicals point to more uptrend in the short term. Since June 19, the bulls have produced an impressive 50% rally. The rally consisted of 3 clear impulse waves, with a high at $4.86. Profits were taken, and now the APE price currently trades within the previous 4th wave zone at $4.29. APE price may now surprise many investors with a continued rally, an unexpected move due to the laggard-bearish price action witnessed throughout the spring.
ApeCoin price currently hovers above the 38.2% Fibonacci level surrounding the recent 50% rally. A second attempt to close above $4.44 on intra-hour time frames could be the catalyst to propel the APE price towards $5.10 and higher. However, if the bulls cannot find support soon, day traders may have enough power to send the digital asset into the 61.8% Fib level at $3.69.
APE/USDT 2-Hour Chart
Ultimately, it may be worth it for day traders to pick up a small position of the APE price as a strong rally could happen if a second attempt at the $4.86 high is permitted. Invalidation for the bullish idea is a breach below the recent swing low at $3.08. If the bears manage to break this level, expect mayhem. The bearish targets would be $2.75 and $2.28, resulting in a 45% decrease from the current ApeCoin price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.