ApeCoin price signals revival as bulls aim for $5.60

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.

Tony M.FXStreet Contributor

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.

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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