How to trade the next 100% move for ApeCoin price?
- ApeCoin price shows strength as it pierces the $6.40 hurdle after rallying 65% in the last nine days.
- Investors can expect this rally to reach $14 if certain conditions are met.
- A daily candlestick close below the $4.20 support level will create a lower low and invalidate the bullish thesis for APE.
ApeCoin price shows incredible strength as it continues to climb to new heights. This run-up, which has provided amazing gains, is likely to keep going higher if the Bitcoin price continues to show strength.
ApeCoin price ready for more gains
ApeCoin price has rallied 65% since July 13 and is showing no signs of slowing down even as it pierces the $6.40 resistance level. This massive run-up comes as a result of the bullish outlook witnessed in Bitcoin price after the US’s 9.1% inflation announcement.
Despite the bearish outlook of the news, ApeCoin price showed strength and has overcome multiple hurdles. However, the road ahead is not a smooth one either, as APE bulls need to overcome a resistance cluster, extending from $7.28 to $7.98.
Assuming ApeCoin price does this, it will face one last blockadeFlipping this level into a support floor will serve as a launch pad and propel the altcoin to $14.
In total, this move would constitute a 105% upswing from the current position at $6.80.
APE/USDT 1-day chart
While things are looking extremely bullish for ApeCoin price, investors need to be cautious about a potential retracement. If this pullback produces a daily candlestick close below the $4.20 support level, it will create a lower low and invalidate the bullish thesis for APE.
In such a case, ApeCoin price could retest the $3.73 support level, where buyers could reattempt a run-up.
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.
