ApeCoin price surprises friends and foes with an uptick

Apecoin (APE) price action surprised quite a few traders after a downbeat day on Monday got reversed in the last hours of trading in the US session. Bulls had the opportunity to pick up APE price action at a discount against last week as the dust settled on Friday’s big macroeconomic event at Jackson Hole. With equity markets on the front foot and the US dollar sideways, momentum is there for ApeCoin traders to push price action up a few percentage points.

APE price could land 25% incoming gains

ApeCoin price has seen a fierce recovery on Monday as the US markets were able to reverse the downbeat trading session from Europe and Asia on Monday. Although nothing fundamentally has changed, traders  have started to see a silver lining. With the dollar sideways and equities trading on a positive note this morning, cryptocurrency markets are being backed by mild tailwinds that see price action pushing higher. 

APE price is thus set to possibly even close the full week with gains. To the upside, only one element could cap the price action from any further upside potential, which is the red descending trend line with a few confirmations around the beginning of August. Even so, it still bears a rough 25% gain, even should bulls not be able to break above it.

APE/USD Daily chart

A few elements out of Asia could stir the market: in China, the PBOC is pushing against the devaluation of its currency by fixing it stronger each morning, as more measures could shake up the markets. Additionally, the Indian Central Bank is defending its currency by implementing a cap and rattling the market with additional measures that would not be supportive of equities or cryptocurrencies. Expect a drop back towards $4.50 - $4.00 as a base area looking for support near-term.