ApeCoin Price will either rally to $6 or fall to $3 in July, here's why
- APE price shows weighted pressure on the Volume Profile Indicator.
- APE maintains support above the $4.00 zone.
- The safest of the downtrend remains a breach above $5.26.
ApeCoin price has traded sideways since the middle of June. If the $4.00 barrier can hold as support, a rally targeting $6.00 could occur. A breach of the $4.00 could induce an additional 33% decking into $3.00
ApeCoin price is a tricky chart
Apecoin price currently trades at $4.66 as the sideways congestion, which commenced on June 20, continues. APE price shows an anomalous volume spike on the 6-hour chart that traders should be aware of. If the newfound transaction is the catalyst before the bull run, there should be no retest of the $4.00 barrier. On the contrary, if the transactions came pouring on July 13, the bears will inevitably fall to $4.00 and induce a sell-off targeting the $3.00 zone.
Apecoin price will make its decision soon. Traders should avoid placing an early entry on either side of the marker as variables such as Bitcoin Dominance and the recent Pi Cycle bottom will play a Gepetto-like role on alt-coins in the coming days.
The safest invalidation of the bear trend is a breach at 5.26. If the bulls can break this level, they may be able to rally as high as $6.30, resulting in a 25% increase 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.
